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EUR/USD – Battle of the head and shoulders
Correction over? It’s been a few weeks since EUR/USD broke below the neckline of its head and shoulders and the response since has been a little sluggish, to say the least. The trend was starting to look very favourable for the dollar as it enjoyed a bit of a resurgence, taking out the neckline of a head and shoulders pattern in the process. chart Since then, it came back and tested a cluster of moving averages – 55/89 SMA band on the daily chart and 200/233 SMA band on the 4-hour chart – as well as key fib levels. This wasn’t a big concern, retracements are normal and they are standard rotation points ... (full story)