Mirroring the DXY, the EURUSD appears to be holding below the neckline of a head and shoulders pattern formed from the 1.1570 highs.
However, it still requires confirmation with a sustained move below 1.1270 to extend the forecast toward 1.1140 and 1.1040.
On the upside, if the 1.1270 support holds, EURUSD may reverse course, confirming a failed pattern and potentially rebounding toward 1.1420, 1.1470, and 1.1570.
From a monthly perspective, the EURUSD is pulling back above the upper boundary of the long-respected channel extending from the 2008 highs, currently holding near the key 1.1270 support. This may signal a short-term trend reset before markets regain directional clarity.
Written by: Razan Hilal, CMT
However, it still requires confirmation with a sustained move below 1.1270 to extend the forecast toward 1.1140 and 1.1040.
On the upside, if the 1.1270 support holds, EURUSD may reverse course, confirming a failed pattern and potentially rebounding toward 1.1420, 1.1470, and 1.1570.
From a monthly perspective, the EURUSD is pulling back above the upper boundary of the long-respected channel extending from the 2008 highs, currently holding near the key 1.1270 support. This may signal a short-term trend reset before markets regain directional clarity.
Written by: Razan Hilal, CMT
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.