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 Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.