Possible head and shoulders forming

Jul 5, 2018

For a long time I've been Bear-biased on EURUSD, but it seems that we might just have a head and shoulder forming within the triangle.

Possible trading options would be to buy low @ 1.16500 or sell high @ 1.19000. Both require patience and a good entry point.

For the buy:
TP1: 1.17600
TP2: 1.19500
SL: 1.15700

For the sell:
TP1: 1.17600
TP2: 1.15000
SL: 1.19500

Jul 5, 2018

Note

Scenario #!:
Small movement, short term, ranging downwards.

Jul 5, 2018

Note

Scenario #2:
Large movement, long term, completion of overall head and shoulders pattern.

Jul 5, 2018

Note

Either way, I believe we can expect price action towards 1.17600.

NFP day tomorrow might just catalyze the whole process.

Jul 7, 2018

Note

38.2 Fibo line not broken. Scenario #1 more possible

Jul 9, 2018

Note

1.17660 reached. Bearish movement inbound if the market plays along.

Jul 9, 2018

Note

Bearish movement confirmed.

Jul 9, 2018

Note

Nice quick 40 pip downwards move from EURUSD. Looks like the currency is right on track for the head and shoulders. Next-up; Draghi speaks.

Jul 10, 2018

Note

Very decent 100 pip move down to the support level.

Jul 10, 2018

Note

Price currently testing old support/new resistance,
Two possible scenarios to follow:

Jul 10, 2018

Trade active

Jul 14, 2018

Trade closed: target reached

First target reached! Confirmation of first shoulder.