Head and Shoulder officially failed today. Been up since...
Earlier today, the EURUSD officially failed the head and shoulder formation at 1.1673. The move above that level started an upward march. The buying has been pretty steady. The move higher also took the price above the 100 day MA at 1.1733. Since the break of that MA, the price has remained above. Even a higher than expected PPI failed to lead to a dip back below.
The last push has accelerated the momentum (moving further away from the trend line and above channel resistance - see 5 minute chart below). The next target is up at 1.1822 on the daily chart. That is the 50% of the move down from the September high.
Close risk is the topside trend line on the 5-minute chart. The 50% of the NY session low comes in at 1.1771. The last swing high came in at 1.1774. Look for those levels to define risk now for longs....
