EUR/USD: reversal a possibility
Eurodollar is in a sideways consolidation with support in the 1.29s. The target for the head and shoulders top has pretty much been met so it is possible a reversal could develop, with a definitive break above 1.3055 signalling a breakout from the channel and possible resumption of mid-term up-trend and initial target at 1.3133. The pair remains in its down-sloping channel, however, so more weakness is also very possible, with a break below 1.2945 signalling a probable move down to 1.2815 where the monthly pivot is situated.
Analysis by: Joaquin Monfort
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