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EURJPY: H&S Pattern Supports The Bearish Butterfly With Same Targets.

Publish Date24/10/2012 08:59:55 AM

Last Update24/10/2012 09:00:58 AM

EURJPY: H&S Pattern Supports The Bearish Butterfly With Same Targets.



The four-hour interval of the EUR/JPY pair offers two bearish probabilities as follows:



  • A completed bearish harmonic sequence that started on September, 17 at 103.85 while the Fibonacci rhythmic has created PRZ-potential reversal zones- at 104.60; noting that this pattern has two targets at 38.2% Fibonacci of its CD leg at 102.85 zones followed by 61.8% of CD at 101.80.
  • The second pattern is the classical head and shoulders top pattern with a confirmation line at 103.10 boundaries while the potential technical objective of this pattern resides at 101.80.

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Assessing indicators, RSI 14 has formed a negative divergence and still has downside targets to be reached; whilst SMA 20 is currently covering bears’ attempts to haul the pair down. Finally, Vortex is on its way to present a bearish crossover.


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