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Market Updates

06 Oct. 2017

EUR/USD slumped to new low, tracking the Head & Shoulders Pattern target !

The Single currency slumped this morning to a fresh daily low of $1.1687 undermined by the dovish ECB monetary policy minutes published yesterday ,and the unabated U.S dollar across the board.

On the hourly chart, as highlighted on 2nd of October, the euro lost steam after an attempt back to $1.1800 region and is now trading at $1.1690. Based on the “Head & Shoulders” pattern explained earlier on 20th of September, further losses could be seen near $1.1600/1.1650. However, the price pattern on the EUR/USD is showing some sign of maturity, suggesting that a bottom might be nearing in the coming sessions/days. On the upside, a move back above $1.1780, could see the euro turning higher!!