Euro Technical Outlook
There is no change to our commentary as the market has traded sideways.
“The decline from 1.6018 began as an impulse but has failed to continue as one. This does not necessarily mean that the EURUSD uptrend will resume (although it could) but it does mean that at least a sizeable bounce is due. The rally from 1.5283 could be a series of 1st and 2nd waves or wave i of a diagonal. Either way, look higher near term. Ideally, 1.5364 remains intact but coming under 1.5283 would warrant a bearish break strategy. To the classical chartist, price is forming a clear inverse head and shoulders pattern which would be confirmed on a break through 1.5570.”
STRATEGY: Bullish, against 1.5364, target TBD
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