EURUSD: Head and Shoulders targeting 1.07500 before a new reboun

١١ أبريل ٢٠٢٣

The EURUSD pair is in the process of completing a Head and Shoulders pattern with the 4H technicals neutral (RSI = 51.260, MACD = 0.000, ADX = 33.876) on the Right Shoulder. The 4H RSI is under an HL trendline, which keeps it bearish short term, while having crossed under its HL trendline yesterday.

The target of the Head and Shoulders can go as low as the 2.0 Fibonacci (1.0700), but since the 1D MA50 and 4H MA200 are both around 1.07500, we are aiming at this as the sell target and subsequently buy entry. Long term TP = 1.10350.

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