EUR/USD: 'Head & Shoulders' pushed price higher

EUR/USD: 'Head & Shoulders' pushed price higher


The main trend is still bearish. At the same time, there's a 'Triple Bottom' pattern, so the price is rising. However, if a pullback from the 55 Moving Average happens little later on, there'll be a moment for another decline.


We've got a 'Head & Shoulders' pattern, which led to the current upward price movement. Also, there's a broken 'Pennant', so the market is likely going to test the next resistance at 1.2025 - 1.2031 in the short term.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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