The Head and Shoulders pattern consider as one of the most reliable reversal patterns in forex trading.
This chart formation of Head and Shoulders have a baseline of three peaks,
The middle one which is the Head is the highest one,
And the other outside two which are the Shoulders are usually about the same height.
If we look at the D1 chart, we can see the EUR/USD price has great potential to complete the Head and Shoulders pattern.
The price already creates the left shoulder and the head,
Now, we wait to see if the EUR/USD price will complete the right shoulder.
If the price will rise up and reach the same high as the left shoulder it will be the moment to open a sell position.
The main reason to sell there is not that the price reaches the same height as the left shoulder,
It is because it’s also a fresh supply level.
So, if the price reaches that supply and drops from there it will complete the right shoulder,
And, therefore, the all Head and Shoulders pattern completed and we succeed to predict it one step before most of the traders.
The first target will be the support below.
The final target will be 1.0650 zones which is a great demand that we can see on the W1 chart.
Also, in the long term, the momentum is bearish, it always better to trade with the momentum.
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