Dollar selling frenzy continues, courtesy of which EUR/USD pair has taken out another major confluence of resistance around 1.1310 (daily 100-MA + Trend line drawn from Mar 24 low to Apr 25 low).
The pair currently sits around 1.1310 and needs a day end closing above same. That would add credence to bullish break from inverse head and shoulder pattern.
Point worth noting is the inverse head and shoulder breakout target comes around 1.1340-1.1350. Today's high is 1.1333, which means the said breakout level has been achieved ..almost.
This makes a day end closing above 1.1308 all the more necessary, If not, by no means its a sign of fresh dollar rally. But a day end closing above 1.1308 would cement bullish expectations.
The pair currently sits around 1.1310 and needs a day end closing above same. That would add credence to bullish break from inverse head and shoulder pattern.
Point worth noting is the inverse head and shoulder breakout target comes around 1.1340-1.1350. Today's high is 1.1333, which means the said breakout level has been achieved ..almost.
This makes a day end closing above 1.1308 all the more necessary, If not, by no means its a sign of fresh dollar rally. But a day end closing above 1.1308 would cement bullish expectations.
