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EUR/USD – Inverted Head and Shoulders vs. Flag
Bernanke: Before looking at the technical development, let’s remember to monitor Bernanke’s testimony Wednesday (5/22) at 10:00AM EDT. Mention of a plan to taper QE could give USD further boost and pressure the EUR/USD. Inverted head and shoulders: The EUR/USD has been bearish in the short-medium term since retreating from the May 1 high of 1.3241. This week however, the market has given EUR/USD support from about 1.28 slowly edging up above 1.29 ahead of the Bernanke risk event. Looking at the 1H chart, this consolidation has formed an inverted head and shoulders pattern. Basically, EUR/USD has put in a very ... (full story)
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