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Possible inverted head and shoulder formation

Possible inverted head and shoulder formation | 22 December 2016

22 December 2016, EUR/USD

Possible inverted head and shoulder formation

Wave Analysis:

Euro continues to retrace to the upper side and will likely head further to the upper side. From the 4H chart, there's a possible inverted head and shoulder formation. With the level 1.03503 being the inverted head and the level 1.0399 being the shoulder, we are waiting for the current downward correction, wave (b), to end around 1.0399 to buy the next impulsive wave (c) towards 1.05313. A break above 1.05313 may push the price further to the upper side with the next ideal target at 1.06465. This view can only be invalidated in case the anticipated correction, wave (b), goes below 1.03999, if the latter is the case, then an acceleration to the lower side is inevitable. Expect a similar wave count in GBPUSD, EURHKD, NZDUSD.

Trade Recommendations:

Buy EUR upon a clear rebound from 1.0399 with the first target at 1.05313 and the next target at 1.06465.

Bob Stan
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