I'm taking some time off from trading with the addition of a new family member, but of course I couldn't completely stay away so I wanted to come in and give you a quick update on my EURUSD views. (For some perspective you may want to go back and look at my previous post & videos discussing the Euro)
With the violation of the neck line we officially have the completion of a head and shoulders bottom which has formed right after the completion of a bigger head and shoulders top. Despite this being a classic reversal pattern, there really isn't too much room for expansion within the key level of the underlying trend.
So here are my views.
As long as price does not violate the blue line, then my overall bearish bias remains. HOWEVER, if we end up violating the green line then I'll be looking for yet another reversal in trend and a move that can continue much higher.
If price remains inbetween those 2 levels then I honestly have no interest in the pair until a clear direction is determined.
Akil
With the violation of the neck line we officially have the completion of a head and shoulders bottom which has formed right after the completion of a bigger head and shoulders top. Despite this being a classic reversal pattern, there really isn't too much room for expansion within the key level of the underlying trend.
So here are my views.
As long as price does not violate the blue line, then my overall bearish bias remains. HOWEVER, if we end up violating the green line then I'll be looking for yet another reversal in trend and a move that can continue much higher.
If price remains inbetween those 2 levels then I honestly have no interest in the pair until a clear direction is determined.
Akil
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