On the 4-hour chart for $EURUSD, I'm seeing a potential head-and-shoulders pattern forming, although it's not perfectly textbook. The neckline would be around 1.1415. A break and sustained close below this could confirm further downside to 1.1380 or even 1.1350. I'm looking for confirmation on the next few candles. Any other chartists seeing something similar?
I'm seeing something similar on EURUSD, but my neckline is a bit lower, around 1.1400. Still leaning bearish.
Interesting take. I was actually looking at a potential double bottom forming around 1.1390 on the daily. Might be some short-term volatility before a clear direction.
I think we might just be consolidating before the next move up. The 1.1400 level has shown good support recently.
A head-and-shoulders is a strong pattern, but confirm with volume. Are you seeing any significant volume spikes on those last candles?
Be careful with not-so-textbook patterns. Sometimes they can be misleading. What other indicators are you using for confirmation?
I'm out of EURUSD for now. Waiting for a clearer setup. Too much chop for my liking.