Euro/Us$ - is a head and shoulders forming?
Date: 5th October,2017 by Timothy Straiton
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The current level is 1.1773, trading above the rising 200 day moving average of 1.1147, but below the 50 day moving average of 1.1845 and also below the monthly pivot level of 1.1873.
It could well be that this market is in the process of building the right shoulder of a classical head and shoulders formation. In such a phase, prices could re-visit the 1.19 area. Thereafter, focus will be on 1.1660 which is the base of the H&S formation and also the Fibonacci 23.6% retracement from the top of the 1.2092 - 1.0339 range, a clear break of which would generate downward momentum toward the 1.1420 level. Only a break above 1.2100 would negate this assumption and pave the way for more upside fantasy.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.