Can this Inverted H&S on EURUSD break to the topside?

Can this Inverted H&S on EURUSD break to the topside?

EURO / U.S. DOLLAR FX_IDC:EURUSD


Dear friends,

Please do your analysis before placing an order on EU.
We can see an inverted H&S on EURUSD             today on 4hrs TF. I would wait for the break of the neckline first and then a visit to the neckline followed by a nice bullish candle and then I would go long.

To me EURO             is a big bear when looking at the weighted average chart. I think you think the same. Just follow the basic rules for Wedge formation. Complete rotation.

This is very easy to spot.
But see where EURO             is now. Sitting at the EMAs and very close to fibos

A visit to the EMAs and overhead Fibos expected

But the question is whether EURO             gonna get to 38.2% first before pulling bouncing. Looking at this chart we cannot answer the question and we should look for other charts
Remember the EURO             has not touched the EURO             major FIBO yet.
Long term EURO             is a big bear but we would like to know whether we see a bounce here or not before heading further lower.
EURO futures             is the next market that I would like to review here
See the extensive move that we started 20 days ago. No sign of retracement what so ever.

At least a retracement to here is expected

Like other indices we have EUSTX50             with opposite correlation with EURO             . This one is also just touched the highs and last week just moved lowers which means we should have seen EURO             retracement which we have not seen it yet.

But EURO             Yields and EURO             Bonds are not the same as other currencies and we have several countries in EURO             region.

We only look at the major ones. Germany France and Italy             .
But before moving to other markets, I would like to show you the correlation between weighted average indices and EURO             currency

Not the best negative correlation in the world but as you can see when indices going lower the EURO             should go higher and vice versa.

See the German Yields here. A massive break last a few days and it is now retracing

Same with France Yields

Ok but the crazy moves last week caused by Italy             . Let’s look at it now.

See the big drop in Italian Index.