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EURUSD – Moving lower towards the right shoulder

EURUSD - Intraday - We look to Sell at 1.1238 (stop at 1.1268)

Trades at the lowest level in 4 days. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. A bullish reverse Head and Shoulders is forming. The medium term bias remains bullish. Trend line support is located at 1.1129. Although the anticipated move lower is corrective, it does offer ample risk/reward today. Bespoke resistance is located at 1.1238.

Our profit targets will be 1.1130 and 1.1115

Resistance: 1.1238 / 1.1254 / 1.1261
Support: 1.1193 / 1.1128 / 1.1107

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