EURUSD breaks down out of head and shoulders top

Russell Shor, CFTe, MFTA FXCM

The above chart shows daily price action. The EURUSD’s EMAs are in bearish formation. The green 5-day EMA is below the orange 13-day EMA, and the orange 13-day EMA is below the black 34-day EMA. There is also angle and separation between the EMAs which indicates a growing downwards momentum. The RSI(9) is also below 50 and supports that bearish momentum is present. Moreover, the currency pair has broken down out of a head and shoulders top. The target of this pattern is around 1.1060

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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