EUR-USD CURRENCY PAIR MAY FORM HEAD AND SHOULDERS FORMATION ON H-4 TIME FRAME. HEAD OF CLASSICAL REVERSAL FORMATION HAS FORMED AT PREVIOUS DAILY STRUCTURE RESISTANCE OF 14-JUNE-2018 PRICE LEVEL. EUR-USD DAILY CHART HAS NOT GOT ANY SIGNIFICANT RETRACEMENT SINCE BEGINNING OF JULY-2020 BULLISH SWING. SO, RETRACEMENT OF DAILY CHART MAY TURN INTO HEAD AND SHOULDERS FORMATION ON H-4 CHART. H-4 CHART HAS ALSO GAVE US BEARISH 3 BAR REVERSAL SIGNAL AT POTENTIAL RIGHT SHOULDER AREA, WHICH MAY BE USEFUL FOR AGGRESSIVE TRADERS TO SET STOP LOSS VERY LOW, ALSO CAN BE USED AS ENTRY REASON.
SELL ENTRY: 1.1770 (CMP)
STOP LOSS: 1.1853 (1 ATR ABOVE 3 BAR REVERSAL HIGH)
TARGET-1: 1.1700 (RE-TEST OF NECK LINE)
TARGET-2: 1.1450 (MEASURED MOVE AS PER HEAD AND SHOULDERS FORMATION)
SELL ENTRY: 1.1770 (CMP)
STOP LOSS: 1.1853 (1 ATR ABOVE 3 BAR REVERSAL HIGH)
TARGET-1: 1.1700 (RE-TEST OF NECK LINE)
TARGET-2: 1.1450 (MEASURED MOVE AS PER HEAD AND SHOULDERS FORMATION)