Two days ago I discussed how the future direction for EURUSD hinges on 1.1720. The area is the intersection of a key horizontal level and a trend line that extends from the July 9th high. That trend line, by the way, maybe the neckline of a 440 pip inverse head and shoulders pattern. If confirmed, it would signal the halfway point of the rally that began in mid-August at the 1.1300 handle. I wanted to write today’s post for two reasons. One to point out today’s intraday rally above the 1.1720 area. And two, to explain why the two long-tailed candles on Tuesday and Wednesday were not proper sell signals. Let’s start ... (full story)