EUR/USD Technical Analysis: Charting an inverse head-and-shoulder

• The EUR/USD is charting an inverse head-and-shoulders pattern with neckline resistance at 1.1572, the hourly chart indicates.
• A break above 1.1572 would allow a relief rally to 1.1614 (target as per the measured height method).

Hourly chart

Spot Rate: 1.1560

Daily High: 1.1564

Daily Low: 1.1550

Trend: Bullish above 1.1572

Resistance

R1: 1.1572 (inverse head-and-shoulders neckline hurdle)

R2: 1.16 (psychological hurdle)

R3: 1.1614 (breakout target)

Support

S1: 1.1530 (previous day’s low)

S2: 1.1508 (June 21 low)

S3: 1.1463 (100-week moving average)