EURUSD - Rising Wedge and a Right Shoulder
The recent rally in EURUSD has morphed into a rising wedge pattern with the H4 forming an inside bar. A break out from the IB's low set up of 1.12224 could see further declines.
The Head and Shoulders neckline support is seen at 1.1140 - 1.1120. A breakout below this could see the declines extend to 1.100 (round off from 1.098 - 1.096).
Short positions on breakout below 1.12224 with stops at 1.12570 offers a favorable set up with targets at 1.1180 (for the rising wedge), 1.1140 (neckline support) and 1.10 (min. target of the head and shoulders pattern)
The Head and Shoulders neckline support is seen at 1.1140 - 1.1120. A breakout below this could see the declines extend to 1.100 (round off from 1.098 - 1.096).
Short positions on breakout below 1.12224 with stops at 1.12570 offers a favorable set up with targets at 1.1180 (for the rising wedge), 1.1140 (neckline support) and 1.10 (min. target of the head and shoulders pattern)