EURAUD is poised to confirm a bearish Head & Shoulders pattern.

24 Jul

EURAUD is poised to confirm a bearish Head & Shoulders pattern.

The price could move higher today on hopes that the ECB can share some positive news on the economy and interest rates.

The European Central Bank is expected to keep interest rates unchanged, ending a seven-year streak of cuts.

If the price manages to break below the neckline of the pattern, it will open the door for further declines.

The first support zone will be found near 1.7640 and the second near 1.7500.

You may find more details in the chart!
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29 Jul

Dagangan aktif

EURAUD: Breaking the Neckline: EUR Under Pressure Amid US-EU Tensions"

Finally, EURAUD broke out of the pattern's neckline, indicating a further downward movement

This move was also initiated by the US-EU tariff deal, which was discussed as a bad deal for Europe in the long run.

According to a Reuters study, US-EU tariffs are rising to 15%, risking a 40% chance of recession.

It is very likely that once this deal becomes clearer, the EURO could fall further in many pairs.