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22 Dec 2015
EUR/USD: watch the H&S pattern - Scotiabank
FXStreet (Guatemala) - Analysts at Scotiabank noted EUR/USD's advance but still feel scope for significant gains is limited.
Key Quotes:
"Price action may still be carving out a short‐term reversal and EUR/USD gains through the mid/upper 1.09 area remain in keeping with the formation of the right‐hand shoulder of a Head & Shoulders top formation on the intraday charts.
The bear case is only boosted by a push back under 1.0805 at this point, however, and that looks a distant prospect for today. Gains through 1.0935/40 should see EUR/USD extend towards 1.0975/85 but not much more."
Key Quotes:
"Price action may still be carving out a short‐term reversal and EUR/USD gains through the mid/upper 1.09 area remain in keeping with the formation of the right‐hand shoulder of a Head & Shoulders top formation on the intraday charts.
The bear case is only boosted by a push back under 1.0805 at this point, however, and that looks a distant prospect for today. Gains through 1.0935/40 should see EUR/USD extend towards 1.0975/85 but not much more."