Currency analyst

EUR/USD held on the edge of the abyss

On the daily EUR/USD chart the inability of the bulls to hold the pair above 1.127 provoked an attack of the bears. Support at 1.1206 limited the decline, but if the bears make another attempt to break it, the euro will continue down to 1.113 and 1.111.

On H1 EUR/USD has reached the target on "Head and Shoulders" pattern. If the pair retests the nackline and then breaks support at 1.123 and 1.1206, the bears will take charge. On the contrary, if the bulls manage to settle above the nackline (1.126), successful test of resistance at 1.129 and 1.1313 will make the pair resume the uptrend.

Recommendation: SELL 1.1206 TP 1.111 SL 1.126

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