Inverted Head and Shoulders neckline
The Euro found support at the monthly pivot and resistance at the daily pivot. On the 5 min chart we see a nice bull flag at 12.30 p.m.. Market also found support at the uprising trend line (green) on the 5 min chart. The downward sloping 20 SMA (purple line) on the hourly provided only temporary resistance during the formation of the right shoulder of the head and shoulders formation.
On the 5 min EUR/USD chart we see many Continuation patterns (green ellipses). The ongoing trend paused during these continuation patterns (mainly Flags and Pennants) until the Continuation pattern got terminated (mostly after three swings).
The 5 min and the hourly Chart also show how market reversed at the daily Pivot Point.<
|1 hour Inverted Head and Shoulders pattern|
|5 min EUR/USD Chart Analysis, Pin bar|