EURCHF Head and Shoulders, Reversal off .786 Fib

EURCHF has formed a nice head and shoulders pattern after finding resistance at the .786 fib retracement level. I expect the trend to continue downwards.

My initial target will be the recent support at 1.1353 and my secondary target will be the 1.272 extension of the recent bearish impulse leg--a level that has nice confluence with structure (look left!)

Commentaire:

This is why we always set our stop above (or below) the head of a Head and Shoulders pattern!