This is an update for you guys who has read my previous post on the EURUSD Head and Shoulder pattern.
The trade ended up as a breakeven trade as the price moved up to hit our breakeven stop loss.
The most important thing I want to tell you guys here is that the price has moved above the neckline on the 4 hourly chart.
If you take a look at the picture below, you can see that the price has moved above the blue colour neckline
As the EMAs are showing sign of strong uptrend, I must say that the price has now revert back to up trend and therefore if you wish to go SHORT, you have to be careful
We have a BUY trade on the EURUSD at the moment and I have shifted the stop loss to breakeven now.
For the GBPUSD, it also has a head and shoulder formation on the 4 hourly chart.
The price is now trying to break above the neckline as seen below. It has tested it for 3 times already.
So you have to keep a lookout whether it manages to break above it. If it does, you should look to enter BUY trade and not SELL trade on the GBPUSD.
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