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EUR/USD confirmed ST inverted H&S pattern - SocGen

FXStreet (Bali) - EUR/USD formed a weekly hammer and confirmed a short term inverted H&S pattern, notes Stephanie Aymes and Tanmay Purohit, Analysts at Societe Generale.

Key Quotes

"EUR/USD has formed a weekly hammer and has confirmed a short term inverted H&S pattern. The pair is approaching immediate resistance at 1.2990/1.3011. However, it will take a decisive break above 1.3011/46 to indicate a pullback initially towards 1.3070/91 and then 1.3126."

"EUR/USD still fails to show stability after achieving the potential for the H&S pattern at 1.30. Daily indicator is hovering close to a graphical support hinting at a rebound. Short term upside, if any, is likely to be capped at 1.3290. Only a break above will indicate a sustained pullback. For the day, 1.3011 will be an immediate resistance."

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