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EURUSD Drops Below 1.0811 Support

Posted On 15 May 2020
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eurusd

The euro currency continues to extend declines. The support level near 1.0811 was lost.

In the process, price action is forming a potential head and shoulders pattern.

The neckline support is forming at the 1.0793 level. Currently, prices have bounced back off this level which could see a right shoulder forming.

If this is validated, further declines are expected in the near term.

We expect the downside target to be at least 1.0739 on a successful head and shoulders pattern if it forms.

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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