Kurtis705
Long

EURUSD .786 Retracement In Play

OANDA:EURUSD   Euro / U.S. Dollar
This pair looks to be forming an inverse head and shoulders pattern after the bounce off the 1.13 even handle that formed a nice double bottom pattern.

I see some resistance at the 618 retracement where we could see a slight move down to the 50% to test the neckline of the head and shoulders pattern and structure support before a move up to the 786 level with lots of structure confluence at the 1.153 - 1.55 price level to complete the retrace on the longer-term downtrend.

After hitting the 786 we will see what happens, if we break I see a new trend forming for this pair, if price gets rejected I see trend continuation.
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