Post written by Henry
My outlook for the EURUSD pair is still to the downside after the price rally for 300+ pips heading to the north, looking at the current price, it is now forming like the very famous reversal pattern, Head and Shoulder.
If this pair is find some resistances at around 1.40100-1.40200. I think we might see a confirmed trend reversal for this pair. Confluence of resistances gather at around those number above. There is Monthly R1, Weekly M3 pivot, and previous high and lows. So, if price penetrating these area of resistances, I might have a different outlook for this pair.
If the pair is really forming H&S pattern, the take profit will be large while the stops is quite small aka we will have the opportunity to enter the market with small risk and big profit.
Until then, stay tuned for updated result.
The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.
Latest posts by admin (see all)
- How To Plan a Trade From Start to Finish - May 3, 2016
- How To Trade The Eur/Usd Right Now - April 29, 2016
- Eur/Usd Could Move Higher Based off of Support Pin Bar - February 19, 2016
Winner’s Edge Trading, as seen on: