EURUSD Inverted Head & Shoulders

10 mar 2013

In my opinion, there is a clear inverted head and shoulders pattern within the EURUSD, with Jan 2012 and Dec2012 lows being the shoulders and the long term low of jul/aug 2012 forming the head. With this in mind, the corresponding neckline appears to have acted as support recently and i expect the same to occur again with this current testing of it. I will wait until european data tomorrow and if it appears to be good go long @ market with stop below neckline/trendline. Initial target 1.31 but expect it to go higher if confirmed