Weekly Forex Watch list – EURGBP Head and Shoulders Setup – May 21st

EURGBP – LONG
On this weeks watch list lets take a look at how we can take advantage of the this Head and Shoulders pattern thats forming on EURGBP
Daily and weekly charts have found support at 0.84 zone.
This areas is also supported by the weekly 50 ema and Daily 50 and 200 emas.
On the top side as you can see in the charts below priced has been capped off by a dynamic down trend line .
Most recently over the last few  days of the last week price has been testing the back side of this trend line.
What caught my attention was the 1h and 4h time frame. For this post ill show you my analysis on the 1h chart.
If you look at the 1h chart its dent take long to spot the Head and Shoulders pattern at the key resistance zone.
The neck line of the 1h head and shoulders pattern coincide with high on the daily time frame.
As for an entry criteria just a break of the neck line would be enough for me. What i will bee looking for is a break and retest  of this neck line in the 1h timeframe with the retest coming in the form of a good candlestick signal.EURGBP Head and Shoulder Pattern EURGBP Head and Shoulder Pattern EURGBP Head and Shoulder Pattern EURGBP Head and Shoulder Pattern

Leave a Reply

Your email address will not be published. Required fields are marked *