After finally breaking the neckline of what has been a 3 month head and shoulders reversal pattern on the $EURUSD (check the attached post or my most recent video for a look at that setup) I've got my eyes glued to potential bearish setups (on both the higher & lower timeframes) until we reach our next level of potential structure support.
On the Daily, price has once again started to consolidate, creating a bearish flag formation, leading me to predict a breakout to the downside. Going down to the hourly this consolidation setup is setting up a pullback trade with a shorting opportunity at a retest of the previous shelf of resistance.
There are some concerns about a possible bullish head and shoulders forming, but what would be trading without concerns. If that happens then we simply adjust accordingly.
Bu all eyes on shorts for the Euro until something changes that outlook.
Akil
Sorry for being away, but I've been working on sa new project
On the Daily, price has once again started to consolidate, creating a bearish flag formation, leading me to predict a breakout to the downside. Going down to the hourly this consolidation setup is setting up a pullback trade with a shorting opportunity at a retest of the previous shelf of resistance.
There are some concerns about a possible bullish head and shoulders forming, but what would be trading without concerns. If that happens then we simply adjust accordingly.
Bu all eyes on shorts for the Euro until something changes that outlook.
Akil
Sorry for being away, but I've been working on sa new project
Komen:
We have just formed the bullish head & shoulders pattern mentioned above. Eyes are no longer on potential shorts until we get the next setup
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