liviu28

EURUSD - a possible reverse head and shoulders formation

Long
FX_IDC:EURUSD   Euro / U.S. Dollar
3
EURUSD was rejected aggressively from the 1.0520 support level (tested after very good retail sales and CPI numbers published for US economy). I expect more buying interest in the next couple of days and I advice looking for longs around 1.0600 area. Also, i think there are pretty good chances for positive numbers regarding unemployment and manufacturing on the US economy released today and I advice waiting for correction before going long. If EURUSD will retest the 1.0800 area we can see this as a Reverse Head and Shoulders formation with potential for further appreciation of EUR against the USD to 1.1100/1.1200 area.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.