EUR/USD: Head And Shoulders Is A Fact, What's Next?

Last week finished on many pairs with strong sell signals for the EUR. For example, on the most popular instrument on the market – EUR/USD. Here, we do have a negative situation in the short and mid-term and we are getting closer to the major sell signal for the long-term position investors.

Since the middle of May, the pair was locked down inside of the symmetric triangle pattern (red). The volatility was decreasing and we were waiting for a breakout. Sellers took the control over at the end of July, when the price bounced from the upper line of the triangle and the horizontal resistance on the 1.1750 (green). Daily candle was shaped as a shooting star and brought us a bigger reversal. On Thursday, sellers manage to break the lower line of the triangle, which brought us a mid-term sell signal. The current target for that drop is the horizontal support on the 1.151 (blue line). What is important is that this area is also the neckline of the bigger head and shoulders pattern, which can be potentially very negative.

Price getting to the blue area is almost certain. What will happen next is unknown. Probably, we should experience a small bounce but the further breakout is very probable, so sellers can be quite optimistic about the future.

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