EUR/USD – Head and Shoulders Under Threat?

Or just a correction? It’s been an interesting few days for the euro dollar pair which has given back a portion of its losses after breaking through a major level of support. The head and shoulders that formed since early December saw its neckline break last week, setting up a potentially decent correction of the large gains over the last 10 months. Yet, already we’re seeing it making three days of gains and breaking back above the neckline. Does it invalidate the head and shoulders? I don’t believe so. In fact, what we’ve seen is only a 38.2% retracement of the move over the last month and this coincides … (full story)

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