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Euro Consolidates Close To The 1.0871 Resistance Level

Posted On 30 Apr 2020
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eurusd

The euro currency is trading rather flat, up just 0.30% on the day.

Price action briefly rose to the minor resistance area of 1.0871 before pulling back slightly.

The inverse head and shoulders pattern that we are watching remains in play.

However, if price breaks down below the previous lows of 1.0819, then the bullish inverse head and shoulders pattern will be invalidated.

A close below 1.0819 will trigger declines down to the lower support area of 1.0787.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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