Monday April 5, 2010 - 17:23:37 GMT
Share This Story
FXTimes - www.fxtimes.com
FXTimes: Daily Technical Update EUR/USD Head and Shoulder Pattern Suggests Reversal
EUR/USD: Head and Shoulder Pattern Suggests Reversal
- 4H: The EUR/USD Rallied last week in 3 separate
upswings, each shorter than the previous. The anticipation was that it
was going to top before the full swing projection to 1.3650. (Refer to Weekly Technical Update 4.2.2010; 1st pair). Instead the market topped at 1.36 at the 61.8% retracement level.
- The 4H chart shows a head and shoulders and this week starts with a failed bullish attempt.
- However, the market has NOT completed the reversal pattern, awaiting a break below the neckline at 1.3460/1.3450.
- A break below 1.3450 suggests a decline towards the 1.3050 area.
- Preferably, a pullback that has a high below 1.3550 can also serve as a confirmation.
Commodity Trading Advisor
Information and opinions contained in this report are for
educational purposes only and do not constitute an investment advice.
While the information contained herein was obtained from sources
believed to be reliable, author does not guarantee its accuracy or
completeness. CMS will not accept liability for any loss of profit or
damage which may arise directly, indirectly or consequently from use of
or reliance on the trading set-ups or any accompanying chart analyses.
Foreign currency trading is not conducted on an exchange. CMS is
acting as a counterparty to its clientsâ€™ transactions and as a result,
CMSâ€™ interests may be in conflict with its clients. Since CMS acts as
the buyer or seller in the transaction one should carefully evaluate
any trade recommendation provided by CMS or any of its solicitors.
Foreign currency trading involves a substantial risk of loss and may
not be suitable for all investors.
All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."