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FxWirePro: EUR/USD breaks neck line of head and shoulder pattern, dip till 1.1400 likely

EUR/USD breaks neck line of head and shoulder pattern, dip till 1.1400 likely

  • EUR/USD has shown a major slump yesterday after ECB policy meeting. The pair dipped till 1.1615 lowest since Jul 2017 at the time of writing.  It is currently trading around 1.16350.
  • ECB tapers Asset purchase program (AAP) to 30 billion euros slightly dovish than expected. The central bank puts a gentle dovish twist on assets purchase. It has reduced to half asset purchase and extended its duration.
  • On the lower side, the near term support is around 1.16000 and any convincing break below will drag the pair down till 1.1500/1.1400.
  • On the higher side, near term resistance is around 1.1660 (Support turned into resistance) and any break above will take the pair to next level till 1.1720/1.17870. Minor bullishness only above 1.18800.

It is good to sell on rallies around 1.1685-1.1690 with SL around 1.1755 for the TP of 1.1500/1.1400.

Our chart for the call:

 

 

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