EUR/USD Technical Outlook: Pressing Hard on Big Support
EUR/USD Technical Highlights:
- EUR/USD putting pressure on major support
- Support break could lead to meaningful decline
The EUR/USD continues to put pressure on the neckline of a large head-and-shoulders pattern. With how the dollar is trading it looks like just a matter of time now before we see support break. It could lead to a sizable move lower in the event it does.
Keep an eye on the wedge forming on the 4-hr chart, it could lead to a snap higher following a ‘fake-break’. Seen as a low probability event, but could lead to a strong move higher if it does.
For the full details, check out the video above.
EUR/USD Daily Chart (pressuring support)
EUR/USD 4-hr Chart (wedge on support)
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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.