Is EUR/USD building a head and shoulders bottom on the daily charts? Looks like it to me. A few days of consolidation below 1.2850 would set the stage. Unfortunately, with payrolls ahead tomorrow, odds of narrow consolidation seem low.
Food for though…
12 Responses to “EUR/USD looks like it is building a right shoulder to me”
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AUTOREFRESH 
Hi with asumption you are right the EUR/USD will be short or long
Jamie, if it is a head and shoulders, what does that indicate for trend? (Please say down trend)
‘fraid not..It would suggest a bottom is forming and that a rally of about 2.5 cents could be ahead…
ugh. Ok, thanks.
I updated the chart to try and illustrate my point more clearly…my opinion only…
excuse me, could anybody explain head and shoulder formation to me, PLEASE !
http://www.investopedia.com/university/charts/charts2.asp
thanx jamie
for what it’s worth – was thinking double bottom on 1H with ABC retrace to between 50% & 61.8% at 1.3000. B forming now? Since I’ve only been trading a couple of months – any thoughts Jamie?
if we get a better than expected results for usd tomorow it will be hard to see a head and shoulder.
You scared me for a minute, until I looked at your chart. I call that an “inverse” head-and-shoulders, as opposed to what I thought you meant which is actually a plain H&S which is bearish…
And yes, 2.5 cents up would be nice about right now on the EU