I closed first trade for +172 pips and reentered after the neckline of head and shoulders was broke and retested. Today there was plenty of data and comments that were USD bullish. The Russian Finance minister said the dollar was in “good shape” which started bullish momentum of the dollar. In addition, the number of people working in the eurozone declined by 1.2% which didn’t bode well for the Euro. Furthermore, data released out of the US today was worse than expected which encouraged the market to be risk averse giving the dollar a boost.
The neckline of the Head and Shoulders was violated before noon EST. Price has been able to remain under the neckline for now. If price remains below the neckline I will use the 261.8 Fibonacci extension level for my final target at 1.3589. If not, I will redraw a Fib and wait to see where price retraces to define my target. Stay tuned on twitter for real time trade updates.
The neckline of the Head and Shoulders was violated before noon EST. Price has been able to remain under the neckline for now. If price remains below the neckline I will use the 261.8 Fibonacci extension level for my final target at 1.3589. If not, I will redraw a Fib and wait to see where price retraces to define my target. Stay tuned on twitter for real time trade updates.
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