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| Euro Futures Daily |
Euro futures had its biggest daily volume of the September contract yesterday... with the majority of it coming between 1.2270-1.2350ish. There is a potential inverse head and shoulders pattern that might be invalidated by the time this thread comes up (I am putting this thread together at 7:15pm ET Thursday night). If not, it looks like a potential neckline of 1.2350, with a target of 1.2650. An interesting thing about this pattern is that when I zoom out a bit, I see the possibility of another one.
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| Euro Spot Daily |
If the Euro holds the 1.2150ish area and then pushes to 1.2650, it would start to look like potentially an even larger inverse head and shoulders. That's making a lot of assumptions of course, but I thought it was interesting to think about. The larger pattern would have to ping-pong between 1.2350-1.2700 to form a right shoulder and the neckline would be about 1.2700. Assuming that played out, the target on this would be 1.3350.
