#EURJPY: Two Possible Scenarios! #forex
The Bearish Scenario
The cluster of moving averages holds well, and price heads lower breaking the minor rising trend line for the recent consolidation. That would create the right shoulder for this POTENTIAL head and shoulders, and retest the neckline for the pattern. Its too early for further forecast.
The Bullish Scenario
A breakout above the main resistance cluster. That would be strongly bullish. and the right shoulder completion scenario will no longer be valid. That would suggest a minimum move towards the latest major swing high at 141.00
My way to trade this could be shorting just below 137.00 targeting 135.50 then the neckline. With a stop above 138.00. Alternatively, on a break above 138.00 to reverse position and go on the long side targeting 140.50-141.00.
My best regards
Technician
Subscribe to my trading portal thefxchannel.com
The cluster of moving averages holds well, and price heads lower breaking the minor rising trend line for the recent consolidation. That would create the right shoulder for this POTENTIAL head and shoulders, and retest the neckline for the pattern. Its too early for further forecast.
The Bullish Scenario
A breakout above the main resistance cluster. That would be strongly bullish. and the right shoulder completion scenario will no longer be valid. That would suggest a minimum move towards the latest major swing high at 141.00
My way to trade this could be shorting just below 137.00 targeting 135.50 then the neckline. With a stop above 138.00. Alternatively, on a break above 138.00 to reverse position and go on the long side targeting 140.50-141.00.
My best regards
Technician
Subscribe to my trading portal thefxchannel.com
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