EUR/USD H&S still has potential - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - Analysts at Scotiabank explained that before the holiday, they thought EUR/USD was shaping up for a reversal from the 1.10 area via the formation of a bearish Head & Shoulders top on the short-term chart.

    Key Quotes:

    "The right hand shoulder has extended a little more in the past few days, making the structure look a little lop-sided but it still has potential.

    We see strong resistance for the market in the 1.10 area (100- and 200-day MA signals converge) and rather look for spot to weaken towards 1.0800/10, key short-term support."
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