The EUR/USD pair is approaching the key level of potential resistance, which may be just above the barrier of 1,1000. There were also previous tops, which, if broken, may open the way towards the neckline for an inverted head and shoulders pattern.
If the neckline is broken, then the euro could strengthen to the dollar in the direction of 1.1348. This is where the model target for the described formation is placed.
The key support seems to be a level of 1.0776 and only if it is defeated could change the sentiment on the main currency pair.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If the neckline is broken, then the euro could strengthen to the dollar in the direction of 1.1348. This is where the model target for the described formation is placed.
The key support seems to be a level of 1.0776 and only if it is defeated could change the sentiment on the main currency pair.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
