Euro met the head and shoulders price target of 1.4419. In doing so, it has dropped to a low of 1.4402, breaking below both a descending triangle on the hourly chart and a short-term uptrend line. My short position, even from the poorer entry of 1.4581, has done well and is still on. Still, this is near support so some profit-taking at +170 pips is in order. A .382 pullback of the current move up was at 1.4419 and the monthly pivot was at 1.4445.
The next target is the .50 retracement at 1.4334. A close for the week below 1.4378 is bearish.
Here is the hourly chart:
© Dianne Fecteau, 2011. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
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