SHS_ formation moves to almost completion. The price faced a strong reaction from MA200 on 4H chart and bounced back downwards. Downtrend signals becoming more obvious as time passes, maybe it’s the time now to see a lower low on the right side of the chart.
@faylee, Thanks Fay, hope the price moves down as in your chart:))
ZLAPPED
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Wow this is really creative! Accurate & beautiful at the same time!
BunBunLo
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any update about EURUSD? turn around going up?
Jack19
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Head and shoulders patterns formation is easy to recognize on the 4h and daily charts by traders, furthermore, signal providers and brokers had warned ahead of time for a potential drop following this formation when price was around 1.1850. Now if the crowd enters into a short position, and price may jump up to trigger SL
CitRoN_RouGe
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@Jack19, Thanks for the comment. It is not a SL issue, and SHS formation is just a technical means to initiate downtrend. The idea is mostly based on the fundamental point of view, taking last month's ECB meeting as a basis. Euro losing the summer momentum, bull market not responding to the events favoring Euro (see price action following bad US NFP and CPI data). It might be SHS, double top or whatever technically, the mood is on the USD side, ECB is dovish enough to support the idea. Also need to mention that this idea is for long-term positioning till next spring.