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.
Note
DXY has picked up quite a bit now, causing right shoulder to break. Looking for opportunities to long USD again.Note
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.Trade fermée manuellement
Irrelevant chart, never confirmed
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.