RESUME & VIEW – THE PAIR IS STILL MOVING SIDEWAYS INSIDE THE ALMOST TWO YEARS OLD CONSOLIDATION PHASE WHICH WOULD BE ENDED WITH THE PROJECTED HEAD AND SHOULDERS PATTERN.

BUT THERE IS NOT TYPICAL FOR A FORMING OF A SUCH PATTERN SLOWING AT THE RIGHT SHOULDER FORMATION THAT CAN LEAD FOR ANOTHER MOVE TO THE UPSIDE, THUS TO NEGATE THE PATTERN COMPLETELY.

FOR COMPLETING THE HEAD AND SHOULDERS PATTERN FROM THIS POINT THE PAIR MUST NOT CLOSE ABOVE 0.9400 LOCAL RESISTANCE.

RESISTANCES:

Minor – 0.9400

Moderate – 0.9800 | 1.0100

Strong – 1.0000

PIVOT POINT – 0.9270

SUPPORTS:

Minor – 

Moderate – 0.9125 | 0.8900-0.9000 | 0.8600

Strong – 

Situation Chart:

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By Mihail Mihaylov

Independent Capital Markets Trader / Equity Research Analyst. Swing to Long term.

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