Overall bullish outlook
EURUSD form an odd looking Head and Shoulders and while it penetrated the neckline, it did not follow true H&S pattern. The pair has gone into consolidation since the end of OCT 18'. Looking a the chart, you have three strong bullish bars denoted by the arrows. A bullish bar is a bar with a big thrust up and coming back down closing above the open. On top of that, Those thrusting bars have formed an upward trend line on both sides essentially creating a arrow head. My opinion on this pair is it will come back down to support at 1.12200 before attempting another move upwards. If we can see a clean break through the right trend line the pair should break through resistance at 1.15700 and go for 1.18200.
*This observation is based on my opinion as a trader. Trading is risky and not guaranteed.
*This observation is based on my opinion as a trader. Trading is risky and not guaranteed.
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.