EURUSD ANALYSIS: Long or Short?Hello Traders,
Allow me to share my thoughts on the current EURUSD Pair.
The current analysis of EURUSD reveals a complex price action, presenting challenges in determining a clear market position. On one hand, I could see an emerging/potential head and shoulders pattern, indicative of a possible bearish movement. This potential bearish bias is supported by a resistance zone that has consistently rejected price in recent times.
On the other hand, the 800EMA has acted as a dynamic support by rejecting the price to the upside three times.
Given these conflicting signs, it's essential to closely monitor price actions.
I'm anticipating two scenarios:
1. A breakout below the fully formed head and shoulders pattern's neckline at 1.09026. This would trigger a sell position, with a target set at 1.07402.
2. A breakout above the resistance zone at 1.10071. This would trigger a buy position, with targets set at 1.11080 and 1.12300 respectively.
At moment I will be a spectator.
Cheers, and happy trading.
