The EUR/USD pair fell initially during the Tuesday session, but found enough support at the 1.340 level to bounce and form a fairly positive candle for the day. Just above lies the 1.35 resistance area, an area that is the neckline from a massive inverted head and shoulders. If we can get above that line, we believe this becomes a massive buy-and-hold type of situation as the move measures for a potential target of 1.50! With that being the case, we think that the breakout could happen in the next day or two, and when we get that daily close above the 1.350 level, we are more than willing to start buying.
Written by FX Empire