Price might go further short for H&S target
A strong support line at 0.95 has been broken, reaching the target of the Blue Head & Shoulder pattern (the small H&S). After which a new resistance line has been formed at 0.9424, which would be a very good place for a Stop Loss order.
Meanwhile, there has been another big Head & Shoulder pattern (the big green H&S) that continued forming, and has been broken at the same 0.95 support line, targeting a support line at 0.9178.
My estimation; is to go short, targeting a sure point of TP, and a safe SL point as well. Noting that the price might go up to hit the resistance line of 0.9424 and hopefully go back down to reach the target at 0.9178.
Noting that the support & resistance lines drawn has been reached by my own Fibonacci Retracement Analysis, and not by the Head & Shoulders patterns. Both studies have coincide each other, which intern gave a stronger estimation. But please, never ever follow my analysis without doing your own. So, do your own studies and compare them to mine, and never make a trade without first calculating the risk & profit ratios.
Wish you all the wealth.
Meanwhile, there has been another big Head & Shoulder pattern (the big green H&S) that continued forming, and has been broken at the same 0.95 support line, targeting a support line at 0.9178.
My estimation; is to go short, targeting a sure point of TP, and a safe SL point as well. Noting that the price might go up to hit the resistance line of 0.9424 and hopefully go back down to reach the target at 0.9178.
Noting that the support & resistance lines drawn has been reached by my own Fibonacci Retracement Analysis, and not by the Head & Shoulders patterns. Both studies have coincide each other, which intern gave a stronger estimation. But please, never ever follow my analysis without doing your own. So, do your own studies and compare them to mine, and never make a trade without first calculating the risk & profit ratios.
Wish you all the wealth.
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