Last week I had mentioned that the US Dollar could be forming an inverted Head & Shoulders bottom. Last week the US dollar tried to test support at 90.00 and failed!
That means we can now trade the full pattern so I would recommend shorting all major currencies against the US Dollar such as EURO /USD, GBP/USD , AUD/USD etc...
The way you trade the inverted Head and Shoulders pattern for those that are not aware is....
Measure the distance from the top of the head to the neckline and project that same distance higher at 92.82
If you research Head and Shoulders throughout history it normally has a 85-90% chance of reaching it's profit target. I will be shorting the Euro on any pullback!
Trade Well,
Clifford
That means we can now trade the full pattern so I would recommend shorting all major currencies against the US Dollar such as EURO /USD, GBP/USD , AUD/USD etc...
The way you trade the inverted Head and Shoulders pattern for those that are not aware is....
Measure the distance from the top of the head to the neckline and project that same distance higher at 92.82
If you research Head and Shoulders throughout history it normally has a 85-90% chance of reaching it's profit target. I will be shorting the Euro on any pullback!
Trade Well,
Clifford
