Another strong performance this week from the EURUSD driven by bearish dollar sentiment following fiscal concerns in the US. A false breakout above the January highs of $1.25 quickly retraced back to the monthly open. Potential inverse H&S in play?
Median line of this short (untested) pitchfork could come into play alongside the 50% retrace of the post CPI move higher. Slightly lower would be the 61.8% retrace, the 50% retrace of the 9th -> 16th move, the 21DMA, and an untested trendline.
Assuming no changes to outlook, the dollar weakness will continue to provide upside opportunity
Median line of this short (untested) pitchfork could come into play alongside the 50% retrace of the post CPI move higher. Slightly lower would be the 61.8% retrace, the 50% retrace of the 9th -> 16th move, the 21DMA, and an untested trendline.
Assuming no changes to outlook, the dollar weakness will continue to provide upside opportunity