IDEA 10: Weekly head and shoulders formation. Bearish EUR/USD
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I shorted the bounce up to 1.0690 after closing my long at 1.0610 and missing out on another 80 pips. Made up for it by shorting down to 1.0620 after Euro PMI's but stayed neutral until this morning. I am now considering shorting at 1.0638-1.0644 again. The weekly chart shows a head and shoulders formation in my opinion and yesterday's bearish daily candle gives cause for concern.
The more I look at the charts, the more I think we are looking at testing and retesting of technical levels with no real conviction tipping towards either currency until the FOMC decision next week.
The more I look at the charts, the more I think we are looking at testing and retesting of technical levels with no real conviction tipping towards either currency until the FOMC decision next week.
Note
Reframe chartNote
Entry order was cancelled and shorted manually at the London fix 1.0694. Stop above weekly high of 1.07133
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