Weekly Chart Analysis: EUR/USD Large Head-and-Shoulders Setup

• EUR/USD continues to establish  a large head and shoulders setup that dominated price action since 2003
• High probability setup points to a break below the neckline targeting 1.1000
• Failure analysis points to a move above the right shoulder targeting 1.2700

Key Levels - Current Price: 1.1891

Level   Type           Significance
1.3687  Resistance  Multi-Year High
1.2473  Resistance  23.6 Fib of the .8543-1.3687 of the EUR rally
1.1722  Resistance  38.2 Fib of the .8543-1.3687 of the EUR rally
1.1115  Resistance  50.0 Fib of the .8543-1.3687 of the EUR rally
1.0508  Support       61.8 Fib of the .8543-1.3687 of the EUR rally
0.9644  Support       78.6 Fib of the .8543-1.3687 of the EUR rally
0.8543  Support       Multi-Year Low

Weekly Chart

Daily Chart I

Daily Chart II

Daily Chart III


Sam Shenker is a Technical Currency Analyst for FXCM.