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20 May 2013
Forex Flash: EUR/USD, H&S pattern may carry the rate below $1.20 - BBH
FXstreet.com (Barcelona) - The ongoing USD strength might offer an interesting technical play against the Euro, says Marc Chandler, Global Head of Currency Strategy at BBH, as he notes "a large head and shoulders pattern is being carved out."
Marc writes: "The neckline is seen near the late March and early April lows around $1.2740. Below there is the low from last November near $1.2660, which is just below the $1.2680 retracement objective ($1.2680) of Draghi's OMT induced rally."
In terms of potential objectives if the pattern develops satisfactorily, "the head and shoulders pattern would carry the single currency below $1.20, our year-end target" Marc notes.
A final technical note in the EUR/USD that March shares on his weekend comments is the fact that "the euro's 50-day moving average has crossed below the 200-day (the so-called golden cross) for the first time since last October."
Marc writes: "The neckline is seen near the late March and early April lows around $1.2740. Below there is the low from last November near $1.2660, which is just below the $1.2680 retracement objective ($1.2680) of Draghi's OMT induced rally."
In terms of potential objectives if the pattern develops satisfactorily, "the head and shoulders pattern would carry the single currency below $1.20, our year-end target" Marc notes.
A final technical note in the EUR/USD that March shares on his weekend comments is the fact that "the euro's 50-day moving average has crossed below the 200-day (the so-called golden cross) for the first time since last October."