EURUSD: Channel Up turning into a Head and Shoulders.

EURUSD is into a transition phase. Even though the 1D Channel Up rebounded on a MA50 supported Higher Low (RSI = 55.115, MACD = 0.001, ADX = 29.829, Highs/Lows = 0.0000), the selling pressure from the Lower High trend line of the 1M Channel Down may push for a trend change as discussed in previous analysis:

https://www.tradingview.com/chart/EURUSD/XjozDYOX-EURUSD-Testing-the-1M-Channel-Down-Lower-High-Sell-opportunity/

In our opinion this selling pressure may transform the current 1D Channel Up into a Head and Shoulders. The 1D RSI is already shaping up this pattern (as seen on the chart) and its trend is descending. Our Targets are as previously: 1.1065 and 1.0990.





** If you like our free content follow our profile (https://www.tradingview.com/u/InvestingScope) to get more daily ideas. **

Comments and likes are greatly appreciated.