Over the past few days, traders have been constantly talking about the Head and Shoulders formation that was visible on a daily chart. Only a few days ago, bears had a chance for a breakout because they were putting pressure on the neck line. A breakout could have been a real disaster for buyers, as the potential minimum target of this downswing could have reached many historical lows.
EUR/USD" title="EUR/USD" width="610" height="276">
Luckily for traders holding long positions, buyers managed to defend the neckline which allowed them to delay the sell signal in time. The appreciation of the American dollar stopped, at least for now.
The scenario for the next few days is a side trend. A sell signal will be triggered once the price manages to break the neck line. A buy signal will be triggered once buyers manage to go above the tops, forming the right shoulder around 1.32.
The new week started with a small upward movement, confirming the recent positive short-term sentiment for this pair.
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Bulls On Good Way To Deny The Long-Term H&S Formation
Published 06/03/2013, 07:39 AM
Updated 01/31/2022, 02:45 AM
Bulls On Good Way To Deny The Long-Term H&S Formation
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