6th June 2013 7:30 GMT

There are still lot of emotions about possible Head and Shoulders pattern on Daily chart. Red line on chart is neckline and breaking it should trigger rapid down trend. Some institutions like ANZ (Australian and New Zealand Banking Group) think that this pattern is forming within range and it will not work.

As we can see on chart price is going to 1.32400 and it will negate H&S pattern. Short term suport is around 1.30600, key one is on 1.3000.

H&S pattern will not be filled?

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Comparic.com Editor-in-Chief. Trading since 2004, professionally connected with Forex market since 2006. Fan of technical approach to the markets – currently focuses on Ichimoku Kinko Hyo and Price Action strategies. He focuses on favorable risk-reward ratio in his own transactions. Speaker at many conferences on investment in capital markets, as a lecturer he cooperates with the largest brokerages in Poland and in the world. Vice President of the FxCuffs Foundation – Education and Development of Financial Markets.