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Technical analysis

The EURUSD pair has formed a notable inverted head and shoulders price pattern on the four-hour time frame, with an upside target of nearly 150 points.

The Stochastic indicator on the four-hour time frame is approaching overbought territory so a price rebound in the EURUSD pair could happen at anytime.

What the possible outcomes are

In our most likely scenario, the EURUSD pair will start to rally towards the 1.1970 level after breaking past the 1.1900 resistance area.

Alternatively, the EURUSD pair corrects one final time back towards the 1.1770 support level and then starts to rally towards the 1.1900 resistance level.

Key levels

Support 1.1800 1.1770

Resistance 1.1900 1.1970