Price has again gapped above the neckline of the Inverted
H&S pattern. Question is, if the pattern is valid after the first
failed triggering, but at least the ABCD pattern is intact, and the
D-level stands at 1.0973 in alignment with the Weekly R3 and
lows from June-July 2016. For gap traders a gap breakout is
something troublesome, but it happens that gaps are left behind.
The outcome of the French first round of election was in favour
of the Euro, and the relief may trigger a bigger move up.
A new higher low and higher high is also in place. The pair
is looking constructive even if PA has been somewhat sluggish
for a reversal. The trendline marked on the chart may also become
a resistance on the upside. Only a close below the neckline and
the gap will give cause for concern regarding near term direction.
H&S pattern. Question is, if the pattern is valid after the first
failed triggering, but at least the ABCD pattern is intact, and the
D-level stands at 1.0973 in alignment with the Weekly R3 and
lows from June-July 2016. For gap traders a gap breakout is
something troublesome, but it happens that gaps are left behind.
The outcome of the French first round of election was in favour
of the Euro, and the relief may trigger a bigger move up.
A new higher low and higher high is also in place. The pair
is looking constructive even if PA has been somewhat sluggish
for a reversal. The trendline marked on the chart may also become
a resistance on the upside. Only a close below the neckline and
the gap will give cause for concern regarding near term direction.