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EUR/USD – Possible Head and Shoulder formation

FX:EURUSD   Euro / U.S. Dollar
48 0 1
Daily Chart

Formation – Possible H&S formation unless 1.1419 is breached

Resistance – 1.1385, 1.1419-1.1430, 1.1465

Support – 1.1327, 1.13, 1.1260

  • Watch out for a possible move towards head and shoulder neckline (seen today at 1.1260; neckline may rise to 1.1284 in next few days).
  • A convincing break above resistance at 1.1376 would shift risk in favor of a rise to 1.14-1.1419.
  • However possibility of head and shoulder formation exists so long as bears are able to avoid a daily closing above 1.1419 levels.
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