EUR/USD - Inverse H&S - Trade the break up
EUR/USD pair has shown a significant weakness in the past 2 weeks and it looks like it found its bottom, especially when looking on the daily chart:
1. RSI in the oversold region
2. The daily candle looks like a dragonfly doji.
3. STCH oversold and looks like the early buy signal is given.
Furthermore, looking at the hourly chart we can see that the price action is forming an inverse head and shoulder pattern, which again means a trend reversal. The downtrend has been broken as well.
The idea is to trade the break of the neckline with SL below the second shoulder and TP based on the M.P.O projection. For further confirmation, I am going to apply a 1h candle time filter.
1. RSI in the oversold region
2. The daily candle looks like a dragonfly doji.
3. STCH oversold and looks like the early buy signal is given.
Furthermore, looking at the hourly chart we can see that the price action is forming an inverse head and shoulder pattern, which again means a trend reversal. The downtrend has been broken as well.
The idea is to trade the break of the neckline with SL below the second shoulder and TP based on the M.P.O projection. For further confirmation, I am going to apply a 1h candle time filter.
Nota
As expected price has reached the neckline, but for further confirmation the trigger is a close of 1 hour candle above the neckline.Trade ativo
Trade fechado: objetivo atingido
TP level reached. Thanks to all who like and followed this idea!
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.