Downside movement is expected for the Euro against the US Dollar in coming weeks.
1W: On the weekly chart we saw a large head & shoulders reversal pattern form, and price has since broken below the neckline support & found sustained resistance holding below it.
We've also seen a smaller ascending trend line broken to the downside with a weekly candle close showing clear rejections of higher prices.
1D: Scoping down to the daily chart gives us a clearer look at the broken ascending trend line/triangle type pattern. We can see on the daily chart a clear break & retest of this level with a bearish candle close on Friday setting us up for continued downside movement.
Sells will be placed early in the week with a stop loss above the most recent high.