Press hard on the big support
Technical strengths EUR / USD:
- EUR / USD puts pressure on major support
- Breaking support could lead to significant decline
EUR / USD continues to exert pressure on the neckline of a broad head-and-shoulders pattern. With the way the dollar trades, it only seems a matter of time before support collapses. This could lead to a significant drop in the event that this happens.
Keep an eye out for the wedge forming on the 4 hour chart, this could lead to a rise after a ‘false break’. Considered a low probability event, but could lead to a steep rise if it does.
For all the details, watch the video above.
EUR / USD daily chart (pressure support)
4-hour EUR / USD chart (coin on support)
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— Written by Paul Robinson, Market Analyst
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