Possible head and shoulder formation | 12 Setembro 2016

12 Setembro 2016, EUR/USD

Possible head and shoulder formation
Wave Analysis:
This pair is in a process of Head and shoulders formation. The current corrective move to the upper side is the formation of the next shoulder and should not go beyond the resistance level 1.1252. Instead of going short immediately, we wait for a clear rebound from 1.1252 to give us low risk sell opportunities. The anticipated downward rally should be the completion of the impulsive wave (c) and should not go beyond 1.1152. Expect a similar impulsive wave in the other positively correlated pair such as AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade Recommendations:

We are short from 1.1252 with an ideal target at 1.1152

Bob Stan
Agree with the review?
Traders' opinion:
Close
Entrar
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.