Potential Trend Reversal on EURUSD
Updated
EURUSD might be ready for a swing to the upside. The pair appears to have lost its bearish momentum and printed a head and shoulders pattern, in the case of a trend reversal we'll be looking for buys above our key level of resistance at 1.11700. Given that there no major economic events driving the markets today, this move may take some time to play out. If the move to the downside continues, we'll be looking for sells after a clear break and retest of our key level of support at 1.11200.
Note
Price has broken and closed above 1.11700 as expected.Trade closed: target reached
Trade played out exactly as predicted..
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