liviu28

EURUSD - a possible reverse head and shoulders formation

Long
FX_IDC:EURUSD   Euro / Dollar Américain
3
EURUSD was rejected aggressively from the 1.0520 support level (tested after very good retail sales and CPI numbers published for US economy). I expect more buying interest in the next couple of days and I advice looking for longs around 1.0600 area. Also, i think there are pretty good chances for positive numbers regarding unemployment and manufacturing on the US economy released today and I advice waiting for correction before going long. If EURUSD will retest the 1.0800 area we can see this as a Reverse Head and Shoulders formation with potential for further appreciation of EUR against the USD to 1.1100/1.1200 area.
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