20 Juli 2017, EUR/USD
Technical Observations
Earlier this week, Eur rallied hard upwards and posted a fresh weekly highs at 1.1590 where the price got capped. On the hourly chart above, there's a likelihood that the current chart set up is head and shoulder formation, with the resistance line 1.1586 being the head, I'm waiting for a breakout below the neckline to short Eur towards the hourly support line 1.1440. A breakout below this support line will push the price further downwards towards 1.1.1320. The line 1.1586 is a key resistance line and if price can pullback to it, then this will be a good place to short Eur, however, if its broken, then I expect spiked towards 1.2558.
Technical levels:
Resistance levels
R1: 1.1541