EUR/USD Bullish SHS Needs to Break for Further Bearish Pressure

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Dear Traders,

The EUR/USD has formed a bullish SHS pattern (inverted head and shoulders). Order blocks are keeping the pair from progressing further down.
Today’s NFP with all accompanying data will give us the cue for EUR/USD next direction. At this point, the price is supported by the both left and right shoulders of the bullish SHS pattern. 1.1205 is the important support. All above it is a retracement in downtrend. Sellers are waiting within the 1.1270-1.1285 so we might see a rejection once the price gets in the POC zone. Only a break of 1.1205 will provide a continuation towards 1.1180 and 1.1150. Watch for the NFP, Average Hourly Earnings and Unemployment data today.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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