EUR/USD on a critical level
Hello everyone,
As we see in the figure, the pair broke the neckline of the Head and Shoulders top on Friday and is trading near a critical support around 1.1018 (61.8% Fib retracement).
We have 2 scenarios here:
1- Prices go up from 1.1018-1.1020 and retest the neckline of H&S and then resume declining or going up again to higher levels.
2- Prices break the mentioned support and continue trading at lower levels, next support would be 1.0990 and then 1.0880 (2019 low).
This upcoming week keep an eye on US GDP, FOMC meeting and statement and any geopolitical event that might occur.
Good luck
As we see in the figure, the pair broke the neckline of the Head and Shoulders top on Friday and is trading near a critical support around 1.1018 (61.8% Fib retracement).
We have 2 scenarios here:
1- Prices go up from 1.1018-1.1020 and retest the neckline of H&S and then resume declining or going up again to higher levels.
2- Prices break the mentioned support and continue trading at lower levels, next support would be 1.0990 and then 1.0880 (2019 low).
This upcoming week keep an eye on US GDP, FOMC meeting and statement and any geopolitical event that might occur.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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.