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warrenwonder

EURUSD Potential Short + Long

Euro / U.S. Dollar (OANDA:EURUSD)  
warrenwonder Updated   
OANDA:EURUSD   Euro / U.S. Dollar
Trend Analysis Chart Patterns Technical Indicators invertedheadandshoulders Trend Line Break trendlineanalysis
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trendanalysis chartpattern indicator invertedheadandshoulders trendlinebreak trendlineanalysis
Looking at the image, it can be found that EURUSD is at a tested level of resistance (Trendline) and Fibonacci level of 50%. A potential short play currently but to take note of a potential inverted Head & Shoulder potentially forming which indicates a bullish play.

All this will be in reference with the US Basket chart whereby it is currently at a tested support level. If it breaks the support level, a long play will be ideal as this will cause the EURUSD to break the trendline.
Comment:
The formation of the inverted Head and Shoulders has not be successful formed. As in the current latest chart movement, it has showed the trendline resistance holding and dropping to a tested level of support with a pull back occurring.

Now the best option I would suggest is to wait and see more clear movements on the direction before taking an entry.
Comment:
It has recently broken major support level and currently in a short play.
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