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Inverted head and shoulder formation seen in EUR/USD – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole sees the EUR/USD pair forming an inverted head and shoulder pattern with a neckline resistance at 1.2484 levels.

Key Quotes

“The EUR/USD pair ended higher at 1.2476 on Tuesday, bouncing-off from the support level at 1.24. The pair is trading slightly higher today around 1.2483 levels with the daily RSI bearish at 41.18 levels.”

“On the hourly chart, the pair has So far, the pair has managed to sustain above 1.2460 with the hourly RSI bullish at 65.00 levels. Thus, the pair is more likely to breach the neckline resistance at 1.2484, which shall open doors for a re-test of 1.26 levels.”

“Meanwhile, a fresh selling pressure can be anticipated if the pair fails to sustain gains above 1.2460 levels.”

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