EUR/USD: Still Bearish Despite Recent Upside

Craig Erlam Senior Market Analyst at OANDA speaks to Matt Brown about the recent EUR Strength and invertly the USD weakness. Despite stronger than expected German data supporting the EUR the pair is still in a bearish pattern after the recent head and shoulders formation. A red flag is the break of the falling speculative trend line. Erlam notes that the head and shoulder isn’t void until the pair breaks through the previous head. He also notes the 1.19 level as key. Craig explains how Fibonacci levels shouldn’t just be taken as absolute levels but traders should look at Fib levels as blocks. Breaks through these level could make the market a cautious bear of EUR/USD.

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