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Head and Shoulders pattern still in play for EURUSD

EURUSD is bouncing higher as expected from when price was below 1.18. Short-term trend is close to changing to bullish as price has started making higher highs and higher lows. However traders should not ignore the possible Head and Shoulders pattern that could push price towards 1.12-1.10 if the 1.1750-1.18 level fails to hold.

analytics60ecb71878836.jpg

Black lines- head and shoulder pattern

Red line - neckline support

EURUSD will get the head and shoulders pattern activated if price breaks below 1.1750. Until then we prefer to be bullish near key long-term support. Eurusd needs to break above 1.2265 in order to cancel the head and shoulders pattern. Price is showing reversal signs. We are cautiously bullish as long as price is above 1.1750.

The material has been provided by InstaForex Company - www.instaforex.com