EURUSD; Bigger Head and Shoulders confirmed (needs closing)
A move below the neckline (NL, 1.1500) saw stops being hit and sees weakness in this market. The Head and Shoulders spans over 1 year and this break, if a close is seen below 1.1500 today and it starts to act as resistance, implies more weakness ahead. 1.0460 is the calculated target (Neckline - Height of pattern). Mostly a target is hit at around the time the pattern lasted, so 1 year.
Keep in mind however that failed head and shoulders see a more aggressive move in the opposite direction and with the current timeframe more clues have to be seen to really confirm this idea. Seeing heavy resistance on moves back to 1.1500 is such a clue.
For the shorter term one can expect a move to the next bigger Fibonacci level before better support is seen (1.1190). Watch in between levels ofcourse.
Keep in mind however that failed head and shoulders see a more aggressive move in the opposite direction and with the current timeframe more clues have to be seen to really confirm this idea. Seeing heavy resistance on moves back to 1.1500 is such a clue.
For the shorter term one can expect a move to the next bigger Fibonacci level before better support is seen (1.1190). Watch in between levels ofcourse.