EURO/dollar seems to forming a possible H&S pattern. A break under 1.36 line will confirm that H&S pattern and price could drop fast into the 134.50 level, which is the neckline area.
If this is the case, the odds will favor a move lower rather than a push back up.
This week the EURO$ may bounce under the 1.40 area. As long as price doesn’t pass the 1.40 line, we are using 1.4043 as the stop loss for the short side.
To see more of Nat’s market analysis, visit http://naturus.com and register. It is free, and there is no obligation of any kind.
