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EUR/USD- Head & Shoulder pattern scenario. Watch out for further decline on a break of $1.1715
Technical views
After an intraday peak at $1.1832 on Friday, the Single currency resumed the bearish trend on Monday, following a Spanish referendum on Sunday which showed that 90% of Catalans voted “Yes” to leave Spain.
On the 10 mins chart, the Head & Shoulders pattern still holds good! A break below $ 1.1715 will give further impetus for a prolonged decline near the target level of $1.1585/$1.1600. On the flip side, the invalidation level of the H & S scenario remains at $1.2005.
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