As you can see from the following trade opportunity alert that I received today through Autochartist’s email subscription, Autochartist has recently identified the Head and Shoulders chart pattern on the daily EUR/USD charts. The pair is expected to fall further toward the target level 1.2745 (point A) in the next 2 days, which is the last reversal point on which the “neckline” of this chart pattern is based. The stop-loss is set by Autochartist at 1.3243 (point B) which is the level of the right “shoulder” of this chart pattern – which formed recently when the price reversed down from the combined resistance area made out of the resistance level 1.3170 (the level of the left “shoulder”) as well as 50% Fibonacci Retracement of the previous downward impulse from the “head” of this chart pattern to point A (as you can see on the second chart below).
EUR/USD - 1" title="EUR/USD - 1" width="600" height="367">
The following daily EUR/USD chart shows the technical price levels mentioned above:
EUR/USD - 2" title="EUR/USD - 2" width="600" height="696">
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EUR/USD: Expected to Fall Further
Published 05/16/2013, 06:58 AM
Updated 03/09/2019, 08:30 AM
EUR/USD: Expected to Fall Further
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