EUR/USD: Inverted Head-shoulder Pattern To Predict Further Gains?

EUR/USD: Inverted head-shoulder pattern to predict further gains?

The euro held firmly above 1.05, exiting its primary downtrend channel, and is now flirting with the upper 1.07-area. Will we see a next leg up towards 1.12 or possibly 1.14? Chances for a bullish breakout increase as long as the common currency remains above 1.0450 and climbs above 1.08.

For the sentiment to shift from bullish to bearish, however, we must see a fall below 1.03.

Next interesting data release will be tomorrow’s U.S. CPI which could set the tone for the coming days.

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