Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: One can’t help but notice a potential head and shoulders top (really a long term potential head and shoulders continuation pattern). It’s worth keeping the potential bearish pattern in mind but trend is considered sideways as long as price is between 10158 and 10000. This defines the range for the year so far. A break of the range will offer a directional bias.
FOREX Trading Strategy: Awaiting a break of 10000-10158.
LEVELS: 10000 10032 10075 10112 10158 10236
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.