EUR/USD -16/03/2023-
• Technical picture in favor of the bears
• 2 bearish patterns on daily chart
• First pattern is the broadening pattern highlighted in yellow
• Second pattern is head and shoulders highlighted in green
• 1.0500 support is very critical at the moment ( neckline of head and shoulders and previous pivot low )
• Yesterday's drop penetrated the 20 MA which is now acting as resistance
• Bulls need to overcome 1.0730 resistance to turn the trend in their favors
• 2 bearish patterns on daily chart
• First pattern is the broadening pattern highlighted in yellow
• Second pattern is head and shoulders highlighted in green
• 1.0500 support is very critical at the moment ( neckline of head and shoulders and previous pivot low )
• Yesterday's drop penetrated the 20 MA which is now acting as resistance
• Bulls need to overcome 1.0730 resistance to turn the trend in their favors
Ramzi Abou Abdallah, CFTe, CMT
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