Last week ended with an inverted head and shoulders formation that was created on the hourly chart. On Friday, bulls had a chance to start a major upswing as they managed to break the neck line. The upswing was stopped very quickly, which caused a minor disappointment. The price fell back under the neck line again.
EUR/USD" title="EUR/USD" width="725" height="325">
The EUR/USD is currently closed between two short-term S/R levels. 1.2910 is the closest support. Breaking it can definitely deny the possible buy signal from the iH&S formation. 1.2940 is the closest important resistance that played a major role over the previous two weeks. We can assume that if buyers manage to break it, they will be able to perform another attack on the neck line. If successful, significantly higher levels on this pair should be reached. The minimum target for the iH&S is 1.3010.
As long as the price is under the neck line, the scenario stays negative and is in favor of holding short positions.
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Inverted Head And Shoulders Pattern: Possible Reversal For EUR/USD
Published 05/27/2013, 07:12 AM
Updated 01/31/2022, 02:45 AM
Inverted Head And Shoulders Pattern: Possible Reversal For EUR/USD
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