Yesterday we wrote about the head-and-shoulders formation that was created on the chart over the past three trading days. The first few hours after breaking the neck line were successful for buyers. Unfortunately for traders holding long positions, they could not hold the high levels and reach the minimum target of this formation. The price came back under the 1.2990 support and went lower to test recent lows. After the end of the American session, bears performed an attack that broke the recent lows and created space for the price to aim for 1.2880, the mid-term support that played an important role at the end of March and in the beginning of April.
EUR/USD" title="EUR/USD" width="621" height="257">
The European session starts with bulls trying to come back to the recent support, but so far they are still under a lot of pressure, and as long as 1.2940 holds as a resistance, the scenario stays negative.
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Bearish Correction On EUR/USD Continues
Published 05/16/2013, 08:27 AM
Updated 01/31/2022, 02:45 AM
Bearish Correction On EUR/USD Continues
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