EUR/USD: Technical Analysis
Eurodollar has pulled back after a sharp rally. It will probably resume its move higher and re-test the upper channel line at 1.2615. The bigger picture, however, indicates the formation of what is probably a fulcrum pattern on the 4-hour chart and this is a bearish reversal sign. A break below the bottom of the pattern at 1.2465 would be strong confirmation of more downside with the lower channel line at 1.2400 providing an initial target.
Analysis by: Joaquin Monfort
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.