EURUSD is making new lows relative to yesterday. Price remains inside a bearish channel and our expectations remain bearish as long as price is below 1.1975. Our next target is at 1.1750 where we find the important neck line support of the head and shoulders pattern as we explained in a previous post.
Red line - neckline support
EURUSD is preparing to make a new lower low relative to the June 21st low. Price is heading towards the 1.1750 area where we find the important long-term support trend line that is also the neckline of a head and shoulders pattern. Resistance by the upper channel boundary is at 1.1950 and breaking above this level will be the first sign of an upward reversal.
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