Head and Shoulders on EUR/USD

Head and Shoulders on EUR/USD

In the near future, the bearish sentiment may prevail on the EUR/USD currency pair. The current technical pattern indicates the development of the correctional movement. A sufficiently strong reversal figure, Head and shoulders, (D1 timeframe) was formed in the trading instrument. The round level of 1.17000 is a key support. We recommend paying attention to this formation.

If the price fixes below the 1.17000 mark, you need to look for entry points to the market to open short positions. The closest target for fixing profits is the level of 1.15500. In the medium term, the EUR/USD currency pair may reach 1.14000-1.12850. When following a position, one should use a trailing stop.

by JustForex, 2017.10.23

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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.