Market has been trading in upward channel, from May 2013 to May 2014
Double Top Pattern formed around 1.3945 has resulted in breaking of the uptrend line
The Double Top Pattern has evolved to form a Head and Shoulder Pattern (H&S), indicating a major reversal in the bullish uptrend. The Head and Shoulder Pattern is confirmed when prices broke below the neckline at 1.3500
Head & Shoulder Theoretical Price Projection:
1.3055 ( Neckline - Height of Head = 1.3500 - 0.0445)
Time Limitation: Price will most likely trading towards 1.3055 from now until Nov 2014
Risk: There is always the possibility of price pulling back to the H&S Neckline @ 1.3500, before continuing to trade lower
Double Top Pattern formed around 1.3945 has resulted in breaking of the uptrend line
The Double Top Pattern has evolved to form a Head and Shoulder Pattern (H&S), indicating a major reversal in the bullish uptrend. The Head and Shoulder Pattern is confirmed when prices broke below the neckline at 1.3500
Head & Shoulder Theoretical Price Projection:
1.3055 ( Neckline - Height of Head = 1.3500 - 0.0445)
Time Limitation: Price will most likely trading towards 1.3055 from now until Nov 2014
Risk: There is always the possibility of price pulling back to the H&S Neckline @ 1.3500, before continuing to trade lower
