EUR/USD Technical Outlook: Potentially Large Decline in the Works
EUR/USD Technical Highlights:
- EUR/USD head-and-shoulders triggered
- 11000/11100 targeted from here
The EUR/USD broke the neckline recently of a one-year head-and-shoulders pattern and is on the verge of running lower towards a 20-year trend-line. The macro techs help paint a potential path for both intermediate-term and short-term players to use for shaping a trading bias. A sharp move up towards 11900 would go a long way towards erasing the current negative trading bias.
For the full details, check out the video above.
EUR/USD Daily Chart
EUR/USD Monthly Chart
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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.