Aug 24 2018

Head and Shoulder on Dailies of EURUSD

EURUSD :- A trend reversal pattern is formed on the daily chart of EURUSD. The formation of Head and Shoulder pattern is witnessing the Euro weakness against U.S Dollar in a medium to long term time span. The neckline of H & S pattern is stood at around 1.1300 mark, which is actually not broken down by the pair in the recent fall. In the recent fall from 1.1600 to 1.1300, we have met with our target for the insight – Bear Pennant shared on 25 July 2018. At present the pair is trying to test back the broken zone (Bear Pennant Breakout), before falling back to the neckline support of H&S pattern. If the pair gives a convincing breakout to the H&S pattern neckline (which is presently stood somewhere around 1.1300 mark) then there is a probability, that EURUSD will fall as much as 1200 pips (calculated by the width of Head and Shoulder pattern).