There are several long term levels in play against the EUR/USD.
1st: EURUSD broken below a long term support trend line (In Red) and is now retesting that trend line as resistance.
2nd: We have a long developing Head & Shoulders pattern that has confirmed a break below the neckline, AND has now come back to retest the neckline as resistance.
3rd: The 30 week and the 7 week Moving Averages are about to make a death cross.
Can the Euro break out next week and hold price levels above these three levels of downward resistance??
1st: EURUSD broken below a long term support trend line (In Red) and is now retesting that trend line as resistance.
2nd: We have a long developing Head & Shoulders pattern that has confirmed a break below the neckline, AND has now come back to retest the neckline as resistance.
3rd: The 30 week and the 7 week Moving Averages are about to make a death cross.
Can the Euro break out next week and hold price levels above these three levels of downward resistance??
Note
Entry @ 1.1627SL: 1.18550
TP1: 1.11
TP2: 1.07
Note
Stop moved to 1.14. USD looking weak heading into new year. Will close when the daily shows strong signs of a reversal
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