EURUSD HEAD AND SHOULDERS

The fundamental bias for this pair is still currently down. As this year commences there will be a lot of uncertainty as the EURUSD reaches a fresh new 3 year low. There are no guarantees of an up move just yet, but the declines are getting weaker and it looks like the bears are running out of steam. In my previous analysis (link below) I posted that the pair will soon rise, but price never reached my entry so I stood short. There needs to be a major economic announcement in either economies to build enough momentum before we see a rise. Until then I will stay short another 160 pips until this head and shoulders pattern fulfills its target.