Luckily, I spotted a classic reversal pattern right on the edge of triggering.
The combination of three peaks, with the tallest in the middle, has formed a Head & Shoulders chart pattern on the Dollar Index futures daily chart.
The right shoulder is almost complete, and the bearish trigger will be activated if the price breaks below the Neckline (the line connecting the valleys of the Head), which sits under 105.30.
The target is calculated by subtracting the height of the Head from the Neckline breakdown point, giving us a target around 103.10.
The RSI indicator is also on the edge. Watch for a breakdown here as additional confirmation.
The combination of three peaks, with the tallest in the middle, has formed a Head & Shoulders chart pattern on the Dollar Index futures daily chart.
The right shoulder is almost complete, and the bearish trigger will be activated if the price breaks below the Neckline (the line connecting the valleys of the Head), which sits under 105.30.
The target is calculated by subtracting the height of the Head from the Neckline breakdown point, giving us a target around 103.10.
The RSI indicator is also on the edge. Watch for a breakdown here as additional confirmation.
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