Euro looks technically vulnerable

The Euro has come under pressure in recent days and now it seems its becoming technically vulnerable on the back of a head and shoulders pattern that has formed over the last month. Since hitting a peak which is the head at around $120.30 the currency has crashed down through the neckline (2nd line from the bottom on the chart) and this is a serious bearish signal. This may be a turning point for the Euro and we may be in for a serious reversal with the first resistance coming at the bottom line which as we can see was a previous support level.


Analyst

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