EUR/USD - HEAD & SHOULDERS PATTERN | TARGETING 61.8% FIBONACCI

15 Oca 2021

• With the dollar being highly weighted and composed of the EURO (approx. 57%), and given the bullish potential of the DXY (see idea linked below), EUR/USD could see a large sell off upcoming
  
• A head and shoulders pattern has printed and the right shoulder almost finished forming therefore price is now at a critical point
  
• At this price, the head and shoulders pattern could see validation if price drops past the neckline, or invalidation if price bounces and fails to continue the H&S trajectory
  
• Hence, a short position will be executed below the neck line upon breakout to avoid H&S invalidation with the target being the 61.8% fibonacci retracement of the entire macro move since November 2020
  

15 Oca 2021

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