EUR/USD – Still Bearish Despite Recent Upside (Video)

Craig Erlam Senior Market Analyst at OANDA speaks to Matt Brown about the recent EUR Strength and invertly the USD weakness. Despite stronger than expected German data supporting the EUR the pair is still in a bearish pattern after the recent head and shoulders formation. A red flag is the break of the falling speculative trend line. Erlam notes that the head and shoulder isn’t void until the pair breaks through the previous head. He also notes the 1.19 level as key. Craig explains how Fibonacci levels shouldn’t just be taken as absolute levels but traders should look at Fib levels as blocks. Breaks through these level could make the market a cautious bear of EURUSD.

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam