SAMT Blog
EUR-USD: some thoughts
03. June 2019, by Mario V. Guffanti
Technical Analysis
If we look at the historical EUR-USD chart since 2005, we can see that the exchange rate curve is within a channel with a negative inclination, and the top of the channel was touched for the last time at the end of 2017 (1). Afterwards, the price level decreased, forming in the last period a head and shoulders pattern, but prices never succeeded in breaking through the potential neckline (2).
If we observe the graph in a more recent period starting from 2015, we notice that the final part of the price curve immediately after the head and shoulders pattern, could form another pattern identifiable in a falling wedge, which typically has a bullish connotation. We have therefore a sequence of two patterns, the first bearish and the second bullish.
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