The EUR/USD attempted to push higher this week, topped at 1.2921 after some positive fundamental data from the Euro zone and UK triggered short lived Dollar weakness but whipsawed to the downside, bottomed at 1.2664 and closed at 1.2707. Here are the facts which may lead Euro to fall further: First, the major bullish channel has been broken to the downside, indicating potential bullish failure. Second, we have a “head and shoulders” formation, which is a bearish reversal pattern with 1.2700 as the neckline. If price able to move consistently below 1.2700 next week, the nearest bearish target will be around 1.2523 – 1.2470. Immediate resistance at 1.2930, which is at the right shoulder of the H&S formation.
Have a great weekend and see you guys next week.
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