Looking at the EUR/USD currency pair we’ve seen a breakout of the neckline in the inverted head and shoulders pattern. We described this pattern in the previous analysis. What is more the key resistance at 1,10 has also been broken.
Right now the next potential resistance could be located at 1,1144. If it is broken we may expect another rally to the potential textbook target at 1,1348. The whole movement seems to be supported by a harmonic pattern and by an inverted head and shoulders pattern.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Right now the next potential resistance could be located at 1,1144. If it is broken we may expect another rally to the potential textbook target at 1,1348. The whole movement seems to be supported by a harmonic pattern and by an inverted head and shoulders pattern.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
