Testing the 1W Resistance. Final attempt to cross to 1.1500.

FX:EURUSD   Euro / U.S. Dollar
EURUSD has broken the 1D Rectangle ( RSI = 61.651) but remains within the neckline of the Inverted Head and Shoulders on 1W. The 1W Resistance is at 1.1850 and since the long term trend remains bearish , the price should now reverse back inside the 1.1510 - 1.1730 Rectangle . So far, the price has been rejected twice near the 1.1730 mark, which if left intact on the next 4H candle too, will be considered a support and reverse to 1.1800. Now the 4H Channel Up ( RSI = 64.227, Highs/Lows = 0.0007) needs to cross 1.1682 to nullify the pattern. We remain short with TP = 1.1450 buy have opened an additional short that will be booked at 1.1570.
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seems like 1.1830-40 would be an ideal place to sell. lots of volatility for this week, especially fed rate hike.
Sound reasoning. However, there’s still a decent chance of neckline breaking currently. Need to see a bearish close here.
InvestingScope Zoen_Trieste
@Zoen_Trieste, That is correct. We are expecting the confirmation from the bearish close. We believe today's upside move was pricing Draghi's comments on the inflation outlook.
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