Browse: Home > EUR/USD shows and "inverse Head & Shoulders" formation - Commerzbank
Tuesday, July 20, 2010
Forex Special - The Euro rallied last week to reach 1.3000 resistance area, which has remained under attack during the last two days, with the pair showing an "inverse Head & Shoulders" formation, according to Karen Jones, technical analyst at Commerzbank.
The pair is trading on a neutral to positive bias with an "inverse H&S"formation offering targets above 1.3100, says Jones: "We have an inverse head and shoulders pattern on the chart which offers a minimum upside measured target to 1.3120/50."
On the downside, the pair remains supported by 1.2730/1.2610, according to Jones: "Nearby support lies at 1.2730/1.2610 and maintains the bid tone."