Trader, analyst and instructor with a 6-year experience

EUR/USD: head-and-shoulders

JP Morgan specialists are still favoring the head-and-shoulders topping pattern in EUR/USD, which started forming in last September. In their view, bears are in full control below $1.3080 and are ready to push EUR below the $1.2780 neckline.

However, strategists notice that there is some more place for a bullish correction. Decisive break above $1.3140 could open the way for a rise to $1.3315 or even to $1.3480. From here the pair is expected to reverse to the downside. 


Chart. Weekly EUR/USD

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