29 Dec 2015
EUR/USD H&S still has potential - Scotiabank
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."
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."