Head and Shoulders on EUR/USD

Head and Shoulders on EUR/USD

The current technical pattern indicates the correction of the EUR/USD currency pair. On the daily chart, the classic reversal figure of the technical analysis called Head and Shoulders was formed, which signals a fall in the EUR/USD quotes. Local support is the level of 1.17250. We recommend you to pay attention to this situation.

If the price fixes below 1.17250, it is necessary to consider sales of EUR/USD. The immediate goal for profit taking is the round level of 1.16000. In the medium term, the EUR/USD currency pair may reach the level of 1.15500-1.15000. Confirmations and entry points to the market should be looked for on lower timeframes. When following a position, one should use a trailing stop.

by JustMarkets, 2017.12.15

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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