The EUR/USD pair has formed a reverse Head and Shoulder pattern (a bullish pattern) on a 30 minute time frame. If this pattern does play out completely, it could easily push the price to the 1.3089 resistance level. Interestingly enough, at this level, the price will also complete the symmetrical triangle pattern shown by yellow rectangles.
The price is trading above the 50 day (shown in green) and the 100 day (shown in yellow) moving averages, which shows that the bulls have taken control. The RSI shows that bias could be to the upside, as the price is trading in line with the price action.
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Important Levels
Resistance Level
1.3239-1.3191 Minor
1.3115-1.3089 Minor
Resistance Level
1.2902-1.1874 Minor
1.2770-1.2743 Major
1.2686-1.2653 Major
DISCLOSURE & DISCLAIMER:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam