Inverse H&S Forming on EUR/USD
Need price to hit 1.185 before this pattern is confirmed, but definitely something to keep an eye on. Friday's close and hold of the 1.150 support would be the top of the right shoulder.
With Friday's session holding support at 1.150, combined with weak DXY (USD index) movement, I was forced to back out most of my other AUD/USD short for a slight gain which is noted in the update on that chart. Sure enough, come 11:00PM PST today the forex markets started to pick up as usual and we're getting some further upward movement on EUR/USD to 1.155 and AUD/USD to 0.71200 to start the week.
If the right shoulder confirms, enter long 1.185 with first take profit at 1.230.
Beginning to look for opportunities on both sides of these pairs as support lines are holding and macro reversal patterns are appearing.
With Friday's session holding support at 1.150, combined with weak DXY (USD index) movement, I was forced to back out most of my other AUD/USD short for a slight gain which is noted in the update on that chart. Sure enough, come 11:00PM PST today the forex markets started to pick up as usual and we're getting some further upward movement on EUR/USD to 1.155 and AUD/USD to 0.71200 to start the week.
If the right shoulder confirms, enter long 1.185 with first take profit at 1.230.
Beginning to look for opportunities on both sides of these pairs as support lines are holding and macro reversal patterns are appearing.
Uwaga
DXY has picked up quite a bit now, causing right shoulder to break. Looking for opportunities to long USD again.Uwaga
See newer chart that shows a regular H&S completely formed on weekly chart. My mistake on making this chart in too short of a time period.Zlecenie zamknięto ręcznie
Irrelevant chart, never confirmed
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