EURUSD breaks down as USD runs higher
We’ve finally seen the downside go in EURUSD and stops have been run through 1.1580 to a new low fo 1.1566. This now opens the door down to the low 1.15’s with 1.1530 the next main level to watch.
1.1580 is likely to start building resistance so a test and hold there will keep this move valid. Support isn’t that strong until we get to the 1.1450-1.1400 area.
Draghi is due to speak shortly but it’s on banking supervision so it likely to be a dud on monetary policy. We’ll be ready though in case he does drop something into the conversation.
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it seems the H&S formation is in progress… But at which level can be called to be completed? At 1450? Thank you
I’m not one for H&S formations Gaboss.
I’ll stick to the levels I know rather than trying to guess where a flimsy indicator like that “might” go. For me, 1.1400/50-1.1500 is a big area, purely because it was such a big level on the way up. Take a look a a weekly chart and draw a horizontal line at 1.1450, then see how it acted since Jan 2015.