EUR/USD - Possible inv. head and shoulder set up

FX:EURUSD   Euro Fx/U.S. Dollar
Hourly chart shows the pair could form an inverse head and shoulder formation.

European Central Bank (ECB) is widely expected to keep key policy tools unchanged. Draghi is likely to state readiness to do more, but reiterate he does not see an immediate need to cut rates further.

Hence, the rate decision and press conference are likely to be dead event.

Staff inflation projections are likely to be revised higher, courtesy of higher oil             prices. But, that appears to have been priced-in by markets. (move from 1.11 to 1.1220.

Further gains look likely only if Draghi pushes hawkish button hard. Otherwise, the spot could move back to around 1.1150 before rising again towards inverse head and shoulder neckline level of 1.1224
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out