Large Head-and-Shoulders Setup in EUR/USD Currency Pair
http://www.tigersharktrading.com/articles/2830/1/Large-Head-and-Shoulders-Setup-in-EURUSD-Currency-Pair/Page1.html
By Jamie Saettele
Published on 02/24/2006
Technical Currency Analyst Sam Shenker writes that the EUR/USD continues to establish a large Head-and-Shoulders setup that dominated price action since 2003.
Large Head-and-Shoulders Setup in EUR/USD Currency Pair
Weekly Chart Analysis: EUR/USD Large Head-and-Shoulders Setup
- EUR/USD continues to establish a large head and shoulders setup that dominated price action since 2003
- High probability setup points to a break below the neckline targeting 1.1000
- Failure analysis points to a move above the right shoulder targeting 1.2700
Key Levels - Current Price: 1.1891
Level Type Significance
1.3687 Resistance Multi-Year High
1.2473 Resistance 23.6 Fib of the .8543-1.3687 of the EUR rally
1.1722 Resistance 38.2 Fib of the .8543-1.3687 of the EUR rally
1.1115 Resistance 50.0 Fib of the .8543-1.3687 of the EUR rally
1.0508 Support 61.8 Fib of the .8543-1.3687 of the EUR rally
0.9644 Support 78.6 Fib of the .8543-1.3687 of the EUR rally
0.8543 Support Multi-Year Low
Weekly Chart
Daily Chart I
Daily Chart II
Daily Chart III
Sam Shenker is a Technical Currency Analyst for FXCM.