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FxWirePro: EUR/USD forms head and shoulder pattern, good to sell on rallies | October 18, 2017

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  • Chart Pattern Formed – Head and Shoulders.


  • EUR/USD has recovered slightly after hitting low of 1.17361 yesterday and pair is still below 1.1800 level. Euro declined yesterday on rumor that Fed President Trump got impressed by hawkish Fed candidate. The pair is trading around 1.17574.


  • Market is expected to remain quiet as no major economic data to be released in US and investors eyes ECB President Draghi speech for further movement.


  • On the lower side, the near term support is around 1.1720 and any convincing break below will drag the pair down till 1.1660. Bearish invalidation only below 1.1660.


  • The near term resistance is around 1.1825 and any break above will take the pair to next level till 1.1880/1.1900/1.1928 (61.8% retracement of 1.20925 and 1.16621)/1.2000.

It is good to sell on rallies around 1.1805-1.1810 with SL around 1.1880 for the TP of 1.1720/1.1660.

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