Head and Shoulders in play. More downside to come?
Thought I would share this idea to get some feedback.
We can see that a major head and shoulders is playing out on the Daily (and the Weekly) for the EUR/USD pair. The break looks like it is being confirmed by a large red Heikin candle as of right now. MACD is sloping and general weakness can be seen from previous months price action according to RSI, setting lower highs and lower lows. If we close today with a largely filled red candle we are likely heading lower imo.
My targets are: ~1.273 (TP1), ~1.111 (TP2), ~1.086 (TP3) and final target ~1.060 (TP4)
We can see that a major head and shoulders is playing out on the Daily (and the Weekly) for the EUR/USD pair. The break looks like it is being confirmed by a large red Heikin candle as of right now. MACD is sloping and general weakness can be seen from previous months price action according to RSI, setting lower highs and lower lows. If we close today with a largely filled red candle we are likely heading lower imo.
My targets are: ~1.273 (TP1), ~1.111 (TP2), ~1.086 (TP3) and final target ~1.060 (TP4)