EUR/USD Inverse Head & Shoulders!

EUR/USD Inverse Head & Shoulders!

EUR/USD has increased in the last hour and now is traded at 1.1905 level higher versus 1.1881 today’s low. Surprisingly or not, the USD has dropped even if the US Existing Home Sales indicator has reported better than expected data.

The outlook remains bearish in the short term, but EUR/USD could develop a strong rebound before dropping again. Better than expected Euro-zone data reported tomorrow and poor US figures could boost EUR/USD.

EUR/USD H4 Technical Analysis

EUR/USD tries to come back to the 61.8% retracement level which represents the first upside obstacle. Jumping and stabilizing above it could really announce a potential growth towards 1.2 psychological level.

On the other hand, staying under the 61.8% level may signal a new bearish momentum towards the 1.1856 former low.

Conclusion!

A bullish fly above 61.8% and a new higher high could indicate more gains in the short term.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.