Head and Shoulders patterns only work in my opinion, at major highs and lows and an historic low should count as one of these! The rounding base can be categorised as an inverted H&S and the break and close above 1.4960 suggests to me that this pair is headed much higher, to 1.60+. I’ve been building a long position over the last 3 weeks and I’m now running an aggressive long position but I need to be careful as the ‘carry’ is a killer. I will reduce my long position back below 1.4920 and again below 1.4860, but if I’m lucky this pair should continue to track higher from here.
