EURUSD: Channel Up turning into a Head and Shoulders.

EURUSD is into a transition phase. Even though the 1D Channel Up rebounded on a MA50 supported Higher Low (RSI = 55.115, MACD = 0.001, ADX = 29.829, Highs/Lows = 0.0000), the selling pressure from the Lower High trend line of the 1M Channel Down may push for a trend change as discussed in previous analysis:


In our opinion this selling pressure may transform the current 1D Channel Up into a Head and Shoulders. The 1D RSI is already shaping up this pattern (as seen on the chart) and its trend is descending. Our Targets are as previously: 1.1065 and 1.0990.





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