EUR/USD H&S still has potential – Scotiabank

FXStreet (Guatemala) – Analysts at Scotiabank explained that before the holiday, they thought EUR/USD was shaping up for a reversal from the 1.10 area via the formation of a bearish Head & Shoulders top on the short-term chart.

Key Quotes:

“The right hand shoulder has extended a little more in the past few days, making the structure look a little lop-sided but it still has potential.

We see strong resistance for the market in the 1.10 area (100- and 200-day MA signals converge) and rather look for spot to weaken towards 1.0800/10, key short-term support.”

Analysts at Scotiabank explained that before the holiday, they thought EUR/USD was shaping up for a reversal from the 1.10 area via the formation of a bearish Head & Shoulders top on the short-term chart.


(Market News Provided by FXstreet)