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Don’t be so quick to click the “SELL” button just yet. Although it seems we have formed a top and the 5 minute chart is showing a potential head and shoulders pattern forming, there is still a lot of upwards pressure and looks like it may have one more movement up.
Look for the pair to retrace a bit (1.4180 area) and then head back up to form a new high. Once we form this new high, then run your analysis and figure out if this high is indeed the top. Perhaps we will see it top right around the release of the NFP later on in the week.
So, if you’re trading this, it is paramount to use your stops, double check your analysis and be sure to apply your money management.
Good luck.
Dear Ross hi, pls adv. about your view regarding the $/Euro move ?thanks for the hard good work
Regards
Hi JJ,
Thank you for the comment. Please forgive me as I’m still getting used to comments - I saw there was a comment from you but couldn’t find it on my posts.
Anyway, please refer to my next blog entry, which goes over the EUR/USD and the NFP.
Thanks and happy trading.