Tuesday, July 20, 2010

EUR/USD shows and "inverse Head & Shoulders" formation - Commerzbank


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."

EUR/USD (Jul 20 at 07:44 GMT)

1.2973/76 (0.27%)

H 1.30305 L 1.2926

S3S2S1R1R2R3
1.29031.29351.29681.29761.30091.3041
[?]Trend Index[?]OB/OS Index
Slightly BullishNeutral
Data updated on Jul 20 at 07:15 (15-minute timeframe)

[ View EUR/USD Technical Studies ]

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