EUR/USD was carried away to the downside by the pound after the UK elections. Where will it go next? The team at SocGen sets targets and notices an interesting pattern: Here is their view, courtesy of eFXnews: Societe Generale FX Technical Strategy notes an inverted head-and-shoulders pattern on EUR/USD weekly charts. Such a pattern, according to SocGen, has taken shape at the down slanting channel support at 1.0350. “The pattern’s validation level stands at 1.0860/1.08, which also coincides with multiyear graphical levels. Thus, EUR/USD looks poised to head higher initially towards the down channel’s upper band at 1.1460, also the 2015/2016 highs (closing basis) and the 23.6% retracement of the down move since the 2011 peak. It is then set to move towards 1.1685/1.1714, the August 2015 high and the 23.6% retracement of the entire down cycle. Graphical levels at 1.1875/1.2043 will represent a key hurdle ahead,” SocGen argues. EUR/USD is trading circa 1.12 as of writing. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next GBP/USD recovers, capped by resistance and looks vulnerable Yohay Elam 6 years EUR/USD was carried away to the downside by the pound after the UK elections. Where will it go next? The team at SocGen sets targets and notices an interesting pattern: Here is their view, courtesy of eFXnews: Societe Generale FX Technical Strategy notes an inverted head-and-shoulders pattern on EUR/USD weekly charts. Such a pattern, according to SocGen, has taken shape at the down slanting channel support at 1.0350. "The pattern's validation level stands at 1.0860/1.08, which also coincides with multiyear graphical levels. Thus, EUR/USD looks poised to head higher initially towards the down channel's upper band at 1.1460, also the… Regulated 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.
