Forex Signals – Inverse Head And Shoulders
AutoChartist | Sep 12, 2014 05:22AM ET
EURUSD Daily Analysis: The single currency remained in its 1.2990-1.2859 range yesterday, forming a potential inverse head and shoulders (head at 1.2959, neckline at 1.2990). The bullish RSI divergence remains on the charts but oscillator divergences continue to be of limited value in this strong downtrend. With the overall trend remaining strongly bearish we will continue to look for reasons to get short, however a break above the 1.2990 resistance and neckline could accelerate gains toward 1.31. However, current fundamental and technical environment supports further selling on any rallies.
Our Preferred Trades*: We will monitor the 1.2960-2990 resistance zone for bearish confirmation to get short. Alerts will be sent out if that setup develops.
Yesterday’s EURUSD SwingPRO Signal Result: No trades triggered yesterday.
Today’s SwingPRO Signal: Short on support breaks. See preferred trade above.
*CandlePRO: CandlePRO can be used in conjunction with our daily analysis and “our preferred trades.” For example, if we prefer “going short” or “selling a rally” then we would look for bearish candlestick signals after a rally or near resistance levels. Alternative if we prefer “going long” or “buying a dip” then we would look for bullish candlestick signals on price drops or near support levels.
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