Hello.

Well, in my opinion the h&s pattern which is pointed out is not a good one, and if I am wrong, then where is the "neck line". A "neck line" should be a decision making line or "triggering point in h&s pattern, but on your  chart, I see a line called "decision line".
I apologize if my comment/question is not clear. I will try to make it clear: where is the neck line for the pattern show on your chart (chart2)?

Thank you and good luck to all.

Rezo
===============================

Hi Rezo,

Thank you for your question. Allow me to elaborate - This is a "potential " Inverse Head and Shoulders pattern. It is not yet confirmed. You shoudl be able to see the "potential" slanting neck line drawn is clearly visible at R2 (approx 1.9230-1.9270).

R1 is what I labeled the "Decision Point" meaning price will decide whether this will or will not become an Inverse Head and Shoulders. Notice I draw an arrow that bounces down off this resiitance point (R1) If that happens, then this is a failed pattern that was setting up. (Reviewing this for you I noticed that the arrow for this H&S failure should have been drawn from R2 - not R1.) 

The other possibility is where I have drawn another arrow that continues through R1 and R2 all the way to a H&S Completeion point at approx 1.9800.  This would be the maximum potential of the Inverse Head and Shoulders patern.

Time will tell the accuracy of this potential pattern and analysis. Interpreting the right edge of the chart is a bit more challenging than going back and showing you what has already come to be. I encourage all my readers to send me thier "right edge" analysis - as that is the market!

You can be  sure I will discuss this chart during Mondays 12:00 GMT Free Webinar on FX Street - Feel free to log in and ask me your questions live!

You must pre-register ahead of time by clicking on this link: http://www.fxstreet.com/live/sessions/session.aspx?id=152c5efa-528a-4d2e-a1da-b8210f2fe7d0    

Good Trading to all - Jerry Furst for "1st on Forex"