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EUR/USD Technical Analysis: Top Pattern Confirmation Pending

EUR/USD Technical Analysis: Top Pattern Confirmation Pending

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Nears Possible Head & Shoulders Neckline, with a Break Hinting at a Top in Place
  • Final H&S Pattern Confirmation, Improved Risk/Reward Setup Needed for Short Trade

The Euro may be carving out a top below the 1.11 figure against the US Dollar having rebounded as expectedafter last month’s ECB policy meeting. Prices appear to be carving out a bearish Head and Shoulders chart formation, although confirmation of the setup is still pending for now.

A daily close below the 1.0777-1.0818 area marked by the May 27 low and the 23.6% Fibonacci expansion clears the way for a challengeof the 38.2% level at 1.0602. Alternatively, a rebound that takes the pair above the December 15 high at 1.1060 opens the door for a test of falling trend line resistance at 1.1175.

The Head and Shoulders setup is not actionable for now absent a break of neckline support at 1.0777. More broadly, prices are too close to support to justify entering short from a risk/reward perspective. With that in mind, we will remain on the sidelines and wait for a better-defined opportunity to present itself.

Losing Money Trading Forex? This Might Be Why.

EUR/USD Technical Analysis: Top Pattern Confirmation Pending

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.