The euro currency continues to extend declines. The support level near 1.0811 was lost.
The euro currency continues to extend declines. The support level near 1.0811 was lost.
In the process, price action is forming a potential head and shoulders pattern.
The neckline support is forming at the 1.0793 level. Currently, prices have bounced back off this level which could see a right shoulder forming.
If this is validated, further declines are expected in the near term.
We expect the downside target to be at least 1.0739 on a successful head and shoulders pattern if it forms.
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