EUR/USD - Inverted Head and Shoulders

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!

Commentaire:

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.