EUR/USD: bulls showed weakness

EUR/USD: bulls showed weakness

On the daily chart, bulls failed to for an inverted "Head and shoulders" pattern. The Inability of the quotes to recoil up from the neckline points at buyers' weakness. If support at 1.0635 is breached, risks of further decline towards 1.05 and lower will increase.

On H1, EUR/USD reached an interim target of 78.6% of the Shark pattern. As a result, there's potential for the pattern to transform into 5-0. Correction towards 23.6%, 38.2%, and 50% is usually used for selling. Return to April's low will increase the risks of movement towards 113% target.  

Recommendation: SELL 1.0705 SL 1.076 TP 1.057, SELL 1.077 SL 1.0825 TP1 1.065 TP2 1.057. 

eur

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EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.

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