Home » Blog » Charts » EURUSD Weekly Head & Shoulder

EURUSD Weekly Head & Shoulder

In 2017 EURUSD recovered more than 50% of its 2014-2015 downtrend but in 2018 things moved back upside down and its falling back.

After small recovery in August, the pair is back on track to fall more and now we have this H&S pattern on weekly chart:

EURUSD Weekly H&S

As you are seeing things aren’t looking good at all, the price broke 100 MA and now it’s breaking the H&S neckline which was holding it since October 2017.

What happens now?

Apart from what’s happening in EUR fundamental indicators or is USD too hot (over-bought) to long we can say in term of technicals that there is a good shorting opportunity in EURUSD, let’s look at the daily chart:

EURUSD Daily

I marked the support levels that might turn back the price, there are five levels/zones that I consider as demand zones and those zones will cause short-term pullbacks in our down move, set your risk management strategy for this position based on those zones.

Ahmad Noman Musleh
Latest posts by Ahmad Noman Musleh (see all)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.