- With the dollar being highly weighted and composed of the EURO (approx. 57%), and given the bullish potential of the DXY (see idea linked below), EUR/USD could see a large sell off upcoming
- A head and shoulders pattern has printed and the right shoulder almost finished forming therefore price is now at a critical point
- At this price, the head and shoulders pattern could see validation if price drops past the neckline, or invalidation if price bounces and fails to continue the H&S trajectory
- Hence, a short position will be executed below the neck line upon breakout to avoid H&S invalidation with the target being the 61.8% fibonacci retracement of the entire macro move since November 2020
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