EURUSD has followed on from the identified inverse HNS & maybe on the way to completing its inverse right shoulder. Looking at the broader picture, its monthly chart is possibly forming into a bearish descending triangle. Its needless to speculate how this may occur but its something to keep an eye on, together with the possible bearish SNP500 pattern, on a mid term basis.
EURUSD is attempting a bullish IHS. Initial resistances is right on the falling trendline at 1.30, then 1.3155 of 38.2% fib extension. It would be a major positive for the broader markets if it were to clear these 2 major resistances & form the IHS in earnest. I don’t believe it’ll be that rosy for it considering its lower high trend.
EURUSD is the most traded forex pair daily in terms of value & has major risk “on” “off” implications for the macro picture.