EUR/USD Signal - August 24, 2011

Analysis by FXRenew

EUR/USD Analysis, August 24, 2011

Direction: Short

After looking short for most of the day, EUR/USD looks like it's retracing from a drop and trying to form a head and shoulders pattern on the 15 minute chart. If the pair does get back to 1.4445, it will be the last shoulder of the pattern. 1.4445 is also the 61.8% retracement of the recent down move. We will be looking to take entry at this level.