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
1.2973/76 (0.27%)
H 1.30305 L 1.2926
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.2903 | 1.2935 | 1.2968 | 1.2976 | 1.3009 | 1.3041 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
| Data updated on Jul 20 at 07:15 (15-minute timeframe) | |
