What's next for EUR/USD ?
Hello everyone,
In my last post I discussed the Head and Shoulders pattern on the daily chart.
The pair broke below the neckline and confirmed this bearish pattern which was expected to guarantee us a target around 1.09 figure.
However, some positive US datas and safe haven demands fueled the downside move and bears were strong enough to post fresh new lows; today around 1.0840.
Eyes on the next support around 1.0820-1.0810 and after that the famous weekly gap that I spoke about many times before around 1.07800.
I don't think there will be any major trend reversal before closing this gap.
Bears gotta be careful as profit taking might take place in the next few days plus we are starting to get close to a very critical support.
Good luck
In my last post I discussed the Head and Shoulders pattern on the daily chart.
The pair broke below the neckline and confirmed this bearish pattern which was expected to guarantee us a target around 1.09 figure.
However, some positive US datas and safe haven demands fueled the downside move and bears were strong enough to post fresh new lows; today around 1.0840.
Eyes on the next support around 1.0820-1.0810 and after that the famous weekly gap that I spoke about many times before around 1.07800.
I don't think there will be any major trend reversal before closing this gap.
Bears gotta be careful as profit taking might take place in the next few days plus we are starting to get close to a very critical support.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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