Signs of Further Bearishness?
The EUR/USD chart is showing signs of further downside after forming an inverted head and shoulders pattern. We can see that the key resistance near the 1.1000 area was tested without breaking, leading to the current bearish momentum. The pair broke below the 34 and 89 EMAs, highlighting the bearish bias.
The fact that the price started to form an inverted head and shoulders pattern right below this important resistance area further reinforces the upcoming bearish bias.
If this pattern continues to develop, we could see a sharper decline towards the next support area around 1.09200.
The fact that the price started to form an inverted head and shoulders pattern right below this important resistance area further reinforces the upcoming bearish bias.
If this pattern continues to develop, we could see a sharper decline towards the next support area around 1.09200.
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