EURUSD - inverted head and shoulders pattern

The EURUSD exchange rate has been creating a potential corrective wave four as a part of a larger Elliott wave impulse pattern. What is more, the recent developments on the chart may indicate an inverted head and shoulders pattern as the start of a new impulse wave.

If this assumption is correct the market could break the neckline as an upper limit within a drawn trend channel and then wave “v” within wave “3” may begin.

The nearest support is set by the parallel line and by the level of 1,1695.
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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.

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