FxWirePro:EUR/USD forms head and shoulder pattern, decline till 1.0500 likely
Chart pattern formed – Head and Shoulder pattern Major support – 1.064000 The pair has formed potential Head and Shoulder pattern in the hourly chart. It has declined after showing a mild jump above 1.0700 level. It is c…
The pair has formed potential Head and Shoulder pattern in the hourly chart. It has declined after showing a mild jump above 1.0700 level. It is currently trading around 1.06400.
The neckline of Head and shoulder pattern is around 1.06400 and any break below will drag the pair down till 1.05800/1.05000 level.
The major intraday resistance is at 1.07300 and violation above 1.07300 confirms minor bullishness and jump till 1.0800/1.08735.Short term bearish invalidation only above 1.08735.
It is good to sell on rallies around 1.0640-1.0645 with SL around 1.0680 for the TP of 1.05850/1.0500
