After
neckline breakthrough the “head and shoulders” figure has
been completed. In March 26th post "Possible EURUSD head and shoulders formation" target set was 1.2690 which after
several updates has been lowered to 1.2620. Although not exactly reached as
recent the EURUSD bottom touched 1.2635 (vs. 1.2620 expected), the accuracy of
this analysis tool was high – 15 pips.
 |
| EURUSD target reached |
What to expect next? The level 1.2620 is
strong support and consolidation around this level is possible. However if the
situation in Europe quickly deteriorates breakthrough under 1.2620 could dive the
euro to June 2010 low at 1.2150. Possible Greek exit could let the euro to suffer
even bigger losses. If Europe manage to avoid worst case scenario than quick
rally to 1.30 is expected.
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