EURUSD (Daily Chart) HEAD and SHOULDERS SCENARIO
The EUR/USD pair is currently building higher swing highs and lows suggesting a bullish trend according to the DOW theory. Prices are contained in an ascending regression channel which is modelized by the Andrews’ Pitchfork on the graph.
It is not advisable to short the EUR/USD while prices are inside this bullish channel.
Nevertheless, It is interested to notice a bearish divergence on the RSI, suggesting a decrease in the momentum.
A Head & Shoulders Pattern could occur at the top of the bullish trend. It would then be interesting to look if a breakout of its neckline occurs, prices would then be outside of the ascending channel and a short position would make then sense.
It is not advisable to short the EUR/USD while prices are inside this bullish channel.
Nevertheless, It is interested to notice a bearish divergence on the RSI, suggesting a decrease in the momentum.
A Head & Shoulders Pattern could occur at the top of the bullish trend. It would then be interesting to look if a breakout of its neckline occurs, prices would then be outside of the ascending channel and a short position would make then sense.
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