Trade ideas: EURUSD forming Inverted Head & Shoulders
|The EURUSD currency pair is forming interesting patterns at the moment that could finally confirm the bottom in the 1.1500 area.
Most notably, an inverted head and shoulders pattern is forming. Currently, the right shoulder of the pattern is entering the final stages of formation. The pattern will be completed with the next price swing to the upside on the daily chart and it will be confirmed with a breakout above the neckline which would stand around the 1.1750 level.
The pattern would be canceled with a bearish move below the 1.1505 low (which is the bottom of the head) and at the moment it remains to be seen how things will unfold. The probabilities slightly favor that the pattern will work and 1.1500 will hold.
The breakout above the neckline will signal a move toward 1.2000 which would be the target of this inverted head and shoulders pattern.
EURUSD Current Trading Positions
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