EURUSD – weekly hanging man candle forming, breakouts failing

The double trendline breakout earlier this week is disappointing in terms of follow-through; tomorrow’s close is more significant but the weekly candle is already threatening a bearish hanging man. The wave-C rally from 1.2755 was expected to show equality to wave-A near 1.39 but it does appear to be failing at the .618 extension.

S/t, 1.3311 support is under pressure and and could send Euro to channel support at 1.3253. Next up is the pivot lows at ~1.32. With long-term pivots and a possible head & shoulders neckline forming near 1.32…this zone is once again critical to any future Euro strength.

Read the full report: EURUSD



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