Technical analysis of EUR/USD 01/21/2022

The EUR/USD currency pair, being in a downtrend on the (4H) chart, has formed a “Head and Shoulders” pattern.

The projection of the figure indicates a target in the area of last year’s low 1.1160. Breaking through (MA200) coinciding with the “neck line” is in favor of working out the figure and continuing the decline.

Cancellation of the option of developing a decrease and working out the figure will be the growth of the pair above the level of 1.1370 “right shoulder”, (MA100).

EURUSD_STPH4

Created by Joshua Hayn

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