14 Jun 2016

EUR/USD - HEAD AND SHOULDERS PATTERN IN THE MAKING

EUR/USD DAILY

The rate is still trading within the larger symmetrical triangle range we've been talking about for the past couple of weeks.

After a dismal NFP report the rate shot higher from the 6-month rising trendline support to create a possible right shoulder of the smaller head and shoulders pattern.

My bias is still lower, however, I would like to see a break and close below the rising trendline and the two-week low at 1.1100 before entering any new short positions.

A trigger of this pattern would indicate the rate is ready to continue lower and we should be targeting the larger triangle lower boundary around 1.0600.



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