EURUSD H4 possible formation of Head and Shoulder
Currently, on the H4 chart and RSI is showing a possible change in price action however based on my fundamental analysis on the current situation in Turkey and Argentina, trade war etc..... I am still bearish on EURUSD.
On the H1 chart itself, there is currently no distinct indication of trend change ( Bearish to Bullish) although it did signal an indication of a change in price action. In my humble opinion, this could probably be a retracement and also an opportunity to short the market.
However, upon entry, I would look out for my entry confirmation signal before taking the trade or I will wait for the retracement to complete and price to break below the neckline.
Traders all the best, for those who missed it this is just my analysis please trade with your own rules!!!
On the H1 chart itself, there is currently no distinct indication of trend change ( Bearish to Bullish) although it did signal an indication of a change in price action. In my humble opinion, this could probably be a retracement and also an opportunity to short the market.
However, upon entry, I would look out for my entry confirmation signal before taking the trade or I will wait for the retracement to complete and price to break below the neckline.
Traders all the best, for those who missed it this is just my analysis please trade with your own rules!!!
Komen:
If retracement broke pass those level we will be looking at 1.1735, if it test and doesn't break below. It may for a double top or we are trade it as per support and resistance.
Komen:
Correction to previous comment, if the price doesn't break and close above 1.1735, we will be looking at shorting based on support and resistance
Komen:
Saw a hidden bullish divergence, the price may rise even higher. Trade with your own rules strictly.
Komen:
Waiting for the price to drop below the neckline
Komen:
update previous, waiting for price to close below the neckline