EURUSD Head & Shoulders Pattern/Long Term Buy Opportunity
EURUSD is heading down towards the weekly support at around 1.16414 then I expect that it would then go back up towards 1.20850 and could then either form a head and shoulders pattern or could go over and continue to go up towards the weekly resistance area at 1.25701.
Looking at the indicators such as the RSI and Stochastic also on the Weekly chart, the Rsi looks as if it's heading towards the 30 mark and the stochastic is already below 20. If the Rsi gets below 30 (Oversold Zone) and then the blue line crosses the stochastic and is now on top of the red line then expect that it would go up.
Keep a look out for the rsi and stochastic though when it gets to around 1.20850 as it could show signs of reversing. Other than that guys it looks like a good long term buy or head and shoulders pattern.
You could place shorter terms trades on M15 in between to make money as the market moves around
Looking at the indicators such as the RSI and Stochastic also on the Weekly chart, the Rsi looks as if it's heading towards the 30 mark and the stochastic is already below 20. If the Rsi gets below 30 (Oversold Zone) and then the blue line crosses the stochastic and is now on top of the red line then expect that it would go up.
Keep a look out for the rsi and stochastic though when it gets to around 1.20850 as it could show signs of reversing. Other than that guys it looks like a good long term buy or head and shoulders pattern.
You could place shorter terms trades on M15 in between to make money as the market moves around