The decline of EUR/USD highlights of the head-and-shoulders top




EUR/USD slips to session low

Fresh euro selling has sent almost a cent on the day and erased yesterday’s gains. The last movement resembles the flow pushed into the weekend.

Technically, the head-and-shoulders top remains the dominate feature on the chart. With today’s drop, the neck is now 100 pips. It will be difficult to drill before the ECB on Thursday and there are a lot of reasons to think that the ECB could unveil something offensive, but if/when a cone, it is also a good chance to sell the fact trade.

German-US two-year yield spreads to 17 years of age, the bottoms are like a force of gravity of the pair, especially if the Fed hikes in December and indicates more to come.



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