EUR/USD Technical Outlook: Big-picture Topping Pattern Potential
EUR/USD Technical Highlights:
- EUR/USD sitting on the neckline of head-and-shoulders pattern
- Could lead to a sizable move if neckline broken
The EUR/USD head-and-shoulders pattern is becoming a very distinct possibility as price sits on the neckline of the formation. Given its size and duration it could lead to a sizable move lower. Support is support until broken, so a bearish bias won’t gain traction until a clear breach is achieved.
For the full details, check out the video above.
EUR/USD Daily Chart (neckline support of H&S pattern)
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.