EU has triggered the inversed Head & Shoulders pattern with
a nice, explosive break. The 1,2775 level is the break out level
on Monthly tf of LT trendline, which was the significant event
on last month close. Normally PA comes back and test the
break out level OR the TL from below. Ideally, the projected
target of the Inv H&S at 1,2890 will be reached after which
price resumes the downtrend. Thus, trading on the Monthly
tf, this would be an excellent opportunity, using this pattern
as a way of entering.
a nice, explosive break. The 1,2775 level is the break out level
on Monthly tf of LT trendline, which was the significant event
on last month close. Normally PA comes back and test the
break out level OR the TL from below. Ideally, the projected
target of the Inv H&S at 1,2890 will be reached after which
price resumes the downtrend. Thus, trading on the Monthly
tf, this would be an excellent opportunity, using this pattern
as a way of entering.