The Emerging Patterns Of EURUSD 30 May 2013

by Himanshu Jain
(Tokyo)

EUR/USD:

After failing at 1.3042 EUR/USD had broken below the psychological support of 1.3000 and had touched 1.2796. The support came at the emerging mid term support trend line. The price action is also bringing in a head and shoulder chart pattern and a break below 1.2745 will complete that pattern. If such a move takes place then deeper declines towards the psychological ranges of strong 1.2500 support ranges may be seen.

Weekly chart - Head And Shoulder And Trend Line:

Daily Chart And Double Top:

After failing at 1.3042 EUR/USD had broken below the psychological support of 1.3000 and had touched 1.2796. The support came at the emerging mid-term support trend line. The price action is also bringing in a head and shoulder chart pattern and a break below 1.2745 will complete that pattern. If such a move takes place then deeper declines towards the psychological ranges of strong 1.2500 support ranges may be seen.

- By Himanshu Jain
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