EUR/USD short-term technical levels and trading recommendations for September 6, 2018
The EUR/USD pair has been trending-up for the past few weeks. This bullish movement ceased to be dominant since August 28.
Lack of enough bullish momentum is demonstrated on the chart so that recent movement has turned into sideways consolidations.
A recent bearish Head and Shoulders pattern is being demonstrated on the H1 chart. A valid SELL opportunity can be offered around 1.1640 (the upper limit of the depicted channel).
For the bearish reversal pattern to be confirmed, bearish breakout below 1.1600 (the neckline of the H&S pattern) is needed to pursue towards bearish targets.
This would enhance the short-term bearish scenario for the EUR/USD pair. Intraday bearish target levels would be located around 1.1600 and 1.1560.
On the other hand, bullish persistence above 1.1650 invalidates the bearish scenario for the short-term. Instead, the EUR/USD pair would keep moving within the depicted blue linear regression channels (1.1690-1.1750).