EURUSD Head and Shoulder formation might send the pair south

EURUSD is looking to form a head-shoulder formation on the 4 hour chart. Looking at the Fibonacci retracement, price is hovering around the 50% level after rejecting the 61.8% level during NY session. I anticipate an follow-up downward movement. I'd short 1/3 of my position right now, 1/3 after the breakout below the neckline (resistance level at 1.15300) and 1/3 on potential pullback-and-hold after the breakout. Stop loss is about the right shoulder high.

Yorum:

USD selling pressure forces price to go up and retest the 61.8 fib level. If price holds and forms a triple tops, I'll add to my shorting position.

İşlem aktif:

In profit. Watching for the 1.15300s level

İşlem elle kapatılmış:

Didnt passed the neckline.