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EUR/USD Technical Outlook: Potentially Large Decline in the Works

EUR/USD Technical Outlook: Potentially Large Decline in the Works

Paul Robinson, Strategist

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 daily chart

EUR/USD Monthly Chart

eur/usd monthly chart

EUR/USD Charts by TradingView

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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.

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