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Wednesday 24 April 2013
EUR/USD (Weekly) - Head & Shoulder Pattern
Euro weekly chart is making Head & Shoulder pattern which is a strong reversal pattern. We are having some negative news from Germany in these days which could be an addition to downward move.
I expect that it will break the neckline around 1.2800 because the neckline is not straight, its a bit uppish. The time first shoulder took to form was 10 weeks, so this shoulder can take another 3 - 4 weeks to finish by that time if it crosses the neckline, it would cross around 1.2800
very interesting observation Saj. Thank you for sharing it. At what level do you see the neckline broken? 1.2690ish?
ReplyDeleteI expect that it will break the neckline around 1.2800 because the neckline is not straight, its a bit uppish. The time first shoulder took to form was 10 weeks, so this shoulder can take another 3 - 4 weeks to finish by that time if it crosses the neckline, it would cross around 1.2800
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