4 hour
The EUR/USD could be building a head and shoulders reversal chart pattern (purple boxes), which would be confirmed once price breaks below the support trend line (blue).
A bullish break above resistance (red) would invalidate the pattern and could indicate a potential uptrend continuation towards the 78.6% Fibonacci level of wave 2 (green).
1 hour
The EUR/USD has not managed to break the top as expected yesterday. This could be explained by a potential 123 (red) or ABC (orange) correction. A break below support (blue) could start the bearish continuation towards the Fibonacci targets.
Origin: Admiral Markets
