The inverted H&S target from my previous EUR/USD chart (1.2730) has not yet been hit. I took profit near the top of the B of X after noticing that the wave looked very corrective in nature and further downside was likely. Once 1.25 broke a new H&S pattern emerged as marked on this chart, and as you can see the target was easily reached. I have not taken a long position from near the 78.6% Fib which is also the bottom of a confluence area that the pair has been between for the majority of the last few weeks. I think we will be moving up from current levels very soon. The corrective downward movement of the NZD/USD from the recent high also gives weight to an increasing risk appetite over the next few days (in a C of a flat). Keep your stops at 1.2140.
Hello Jared:
ReplyDeleteI see how very difficult one big move of eur/usd to the upside, maybe limited to the zone of 1.23-1.24 is most probable in my opinion, but I hope the strngh in the dollar is here to stay.
Regards.