Inverse Head and Shoulders on EUR/USD

Inverse Head and Shoulders on EUR/USD

The current technical pattern indicates that the bullish sentiments still prevail on the EUR/USD currency pair. The classic figure of Inverse Head and Shoulders"(D1 timeframe) was formed in the trading instrument, which signals the growth of the EUR/USD quotes. The local resistance is the level of 1.18700. We recommend you to pay attention to this situation.

If the price fixes above 1.18700, it is necessary to consider buying EUR/USD. The closest target for profit taking is the level of 1.19500. In the medium term, EUR/USD may reach a key resistance of 1.20500. Confirmations and entry points to the market should be looked for on lower timeframes. When following a position, one should use a trailing stop.

by JustForex, 2017.11.23

View trading ideas by the Price Action method.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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