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H&S on the EURUSD worked out perfectly

Tomasz Wiśniewski

Head and Shoulders on the EURUSD from yesterday worked like a charm and allowed the price to drop 100 pips lower. That was a beautiful setup straight from the Price Action Bible. Now, the price is aiming the horizontal support around the 1.151 and chances that we will get there are very high.

Silver broke the long-term up trendline and in the same time – the lower line of the triangle pattern. What is more, we broke the horizontal support and now we are testing it as the closest resistance. The sentiment is negative and that is a proper sell signal.

USDCAD has a chance for a double top formation. The place for that is not random as we are bouncing from the 23,6% Fibo and the price made a correction equality pattern. The sell signal will be triggered when the price will break the neckline marked with a blue color.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire