Afternoon traders,
Quickly putting this chart out, we have a head and shoulders pattern formed on EURUSD on the back of the beat in US retail data but more importanly its broken below the blue descending trendline dating back to start of the year suggesting this recent EUR strength over the last couple of months may have been a false breakout of the descending channel. We are targeting a move back to recent lows at mid 1.11
Quickly putting this chart out, we have a head and shoulders pattern formed on EURUSD on the back of the beat in US retail data but more importanly its broken below the blue descending trendline dating back to start of the year suggesting this recent EUR strength over the last couple of months may have been a false breakout of the descending channel. We are targeting a move back to recent lows at mid 1.11
