Forex EUR/USD Daily Video, May 03, 2023

[Sive Morten]

Good morning,

Today is bears' turn to sit on the hands. We consider 1H reverse H&S pattern and 1.0990 entry point for short-term bullish scenario:

 

[minimax]

II see 2 possible structures on 4H TF.. if this is red ABC then we could get spike obove yelow X but should be limited.. this could be very short short (as Sive said as H&S), first targets for both structures is 62%.. daily is more bullish ABC..

 

[minimax]

New 4H candle could mean new structure and new high is possible. so far double top on 4H ..

 

[davedubai]

Hi .. I did not plot the fib extension as yet, but I see that its reverse H&S on weekly EUR chart- on very long time frame with 1.05 is shoulder, neckline at 1.015 head at 0.95 ish. Any take on that ? Sive I may have missed your old post and am sure you must have seen it.

 

[Sive Morten]

Hi .. I did not plot the fib extension as yet, but I see that its reverse H&S on weekly EUR chart- on very long time frame with 1.05 is shoulder, neckline at 1.015 head at 0.95 ish. Any take on that ? Sive I may have missed your old post and am sure you must have seen it.

Yes, Dave, I understand what you're talking about, it is mostly on monthly chart, I would say. But still, it is too long time to go, even until the neckline. So, it will be difficult to use it in week-by-week trading, until you're buying EUR for years.