EURUSD Consolidates After Breaking the Trend Line

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The common currency managed to break out from the trend line for a second time. But price action remains somewhat volatile with the EURUSD being rejected near the 1.1750 levels.

However, with the 1.1800 level coming in as resistance, we expect the downside to prevail.

Subsequently, we expect the EURUSD to reach to the 1.1715 level of support. This will mark a potential head and shoulders pattern, which if validated could lead to further declines.

To the upside, the bias could shift if we see a breakout above the 1.1800 level of resistance.

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