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EUR/USD forms head and shoulders pattern ahead of key EU data releases
EUR/USD is trading at 1.10826 on the 1-hour chart, where it has formed a textbook head and shoulders pattern, indicating potential bearish reversal. After an aggressive upward trend within a rising channel, the pair has broken below the neckline of the pattern, suggesting that further downside may be imminent.
This technical setup comes just ahead of the release of the Eurozone's CPI and unemployment data later today, which could provide the catalyst for a significant move. The market is currently on edge, with expectations that inflation may remain sticky and unemployment could edge higher, reflecting the broader economic challenges facing the Eurozone. A disappointing CPI or an uptick in unemployment could push EUR/USD lower, potentially targeting the 1.1078 support level or even further towards 1.1000 if the data disappoints.
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