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22 Jun 2015
EUR/USD: Embarking on a very constructive bullish signal
FXStreet (Guatemala) - Analysts at Rabobank, while waiting for Eurozone officials to start their emergency summit on Greece, gave us a look at EUR/USD from the perspective of technical analysis.
Key Quotes:
The price action on the weekly chart resembles an inverted head and shoulders formation. Admittedly, it is not an example that one would necessary use if/when writing a book about technical analysis, but the trendline resistance marked on our chart at 1.1440~ stands out as crucial at this stage.
This could be a neckline with the left shoulder at 1.11~ (set in January) and the right shoulder at 1.0819 (end of May low) forming an inverted H&S formation.
A break above the neckline/trendline resistance would be a very constructive signal for EUR/USD.
Key Quotes:
The price action on the weekly chart resembles an inverted head and shoulders formation. Admittedly, it is not an example that one would necessary use if/when writing a book about technical analysis, but the trendline resistance marked on our chart at 1.1440~ stands out as crucial at this stage.
This could be a neckline with the left shoulder at 1.11~ (set in January) and the right shoulder at 1.0819 (end of May low) forming an inverted H&S formation.
A break above the neckline/trendline resistance would be a very constructive signal for EUR/USD.