EUR/USD - Inverted Head and Shoulders
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There are some amazing setups forming on the charts, here we have EUR/USD on the 4h chart with an inverted head and shoulders pattern.
The right shoulder formed at the 0.618 retracement which is excellent as the pattern as a whole generally holds a better structure in this situation.
The neckline is bang on a key resistance level, closing above this would provide additional confirmation to go long.
BUT price could stall out on resistance and sell-off back down to the right shoulder since it is a pivot point in the market.
I'll be looking for extra validation indicating long or short in the near future.
I hope you all have a great weekend!
The right shoulder formed at the 0.618 retracement which is excellent as the pattern as a whole generally holds a better structure in this situation.
The neckline is bang on a key resistance level, closing above this would provide additional confirmation to go long.
BUT price could stall out on resistance and sell-off back down to the right shoulder since it is a pivot point in the market.
I'll be looking for extra validation indicating long or short in the near future.
I hope you all have a great weekend!
Note
Below is a bullish cypher pattern on the 1h chart, it could potentially be shorted all the way down to the D point before buying around 1.05800.
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