Home > Commodities and Rates > EURUSD – Potentially Bullish Short-Term Pattern

EURUSD – Potentially Bullish Short-Term Pattern

The Euro (EURUSD) is attempting to carve out a bullish Reverse-head-and-shoulders pattern on the 240 minute chart. The trigger price is 1.2450 (Neckline). This shorter-term pattern may allow for a solid initial entry on a intermediate-term position. On an intermediate term basis, I still want to see a strong weekly close before getting too bulled up. The stop would then be placed below the weekly low of 1.2143.

The extremes in sentiment and positioning are there for a strong reflex rally……..to be certain the fundamentals are severely flawed and the there is head-line risk. However, to reiterate the boat looks to be entirely overloaded with bears and with any signs of stabalization, even if only for a short while, should send the shorts running for cover.

    BULLISH ENGULFING  Rhas
 


 

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Categories: Commodities and Rates
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