The EUR/USD exchange rate has created a potential harmonic pattern labeled as XABCD. Also, the market has been forming a potential inverted head and shoulders pattern. The first and second pattern may be considered as bullish structures.
According to the technical analysis, the EUR/USD may rise to the neckline which is drawn above previous tops. However, if it is broken we would expect a rally to the textbook target located at 1,1336.
The key support seemed to be located at 1,07766.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
According to the technical analysis, the EUR/USD may rise to the neckline which is drawn above previous tops. However, if it is broken we would expect a rally to the textbook target located at 1,1336.
The key support seemed to be located at 1,07766.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
