EUR/USD – looking heavy below H&S neckline

Apr 26, 2016

Resistance – 1.1285, 1.1342, 1.1376

Support – 1.1236, 1.1187, 1.1144

• 
  Euro’s recovery from 1.1215 followed by a sideways action just below head and shoulder neckline indicates the currency pair could revisit 1.1236 (38.2% of 1.0463-1.0517) – 1.12 levels.
  

• On the higher side, a break above 1.1285 could yield 1.1310 levels, although a only convincing move above 1.1342 would shift risk in favor of a re-test of 1.1450 levels.