EUR/USD: Busted Bearish Head-and-Shoulders Becomes Bullish Head-and-Shoulders?
EUR/USD settles around 1.1670 as USD regains some ground
The positive momentum of Wall Street gave the greenback some support at the end of the day, with the common currency among the weakest, despite increased demand for high yielding assets.
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US data and trade war headlines conspired against the common currency these days
The EUR/USD pair surged to a fresh September high, 1.1721, retreating from the level but anyway closing the week with solid gains. A bout of risk appetite sent the greenback lower, on hopes the EU and the US could resume trade talks before the US launches the next round of tariffs, boosting equities to fresh multi-month highs.
The EUR/USD is holding onto high ground, unfazed by the US announcement to impose 10% tariffs on $200 billion of Chinese goods. The technical picture remains favorable for the pair.
The Technical Confluences Indicator shows that the pair has robust support at 1.1680, which is the convergence of the Simple Moving Average 100-15m, the SMA 100-one-day, and the Fibonacci 23.6% one-week.
Close by, 1.1648 is the confluence of the SMA 5-one-day, the Fibonacci 38.2% one-week, the Fibonacci 61.8% one-day, and the SMA 100-one-hour.
Looking up, resistance lines are weaker. We see an initial soft cap at 1.1721 which is the meeting point of the Pivot Point one-day REsistance 1 and the Bolinger Band one-day Upper.
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