EUR/USD’s daily chart shows a head-and-shoulders bearish reversal pattern. Key indicators support the case for deeper declines. EUR/USD is currently trading below 1.17, having declined from 1.1773 to 1.1690 on Tuesday. Notably, the pair closed well below 1.1770 on Tuesday, confirming a head-and-shoulders breakdown on the daily chart. The bearish reversal pattern has created room for a continued decline to 1.1530 (target as per the measured move method). The breakdown is backed by descending 5- and 10-day simple moving averages (SMAs) and a below-50 or bearish reading on the 14-day relative strength index. The bearish bias will be neutralized if the pair finds acceptance above the former support-turned-resistance of 1.1770. EUR/USD’s bearish reversal indicates the dollar has bottomed out and heading higher against most currencies. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ECB’s balance sheet tops €6.5 trillion for the first time on record FX Street 1 year EUR/USD's daily chart shows a head-and-shoulders bearish reversal pattern. Key indicators support the case for deeper declines. EUR/USD is currently trading below 1.17, having declined from 1.1773 to 1.1690 on Tuesday. Notably, the pair closed well below 1.1770 on Tuesday, confirming a head-and-shoulders breakdown on the daily chart. The bearish reversal pattern has created room for a continued decline to 1.1530 (target as per the measured move method). The breakdown is backed by descending 5- and 10-day simple moving averages (SMAs) and a below-50 or bearish reading on the 14-day relative strength index. The bearish bias will be neutralized if the… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
