EUR/USD : Inv head and shoulder in the making?

Hourly Chart

eurusd hourly

The hourly chart shows the bird may be forming an inverted head and shoulder formation.

Watch out for a rebound to neckline level of 1.0975 ahead of the payrolls report. That for me would be an indication of a weaker-than-expected NFP release. I won’t recommend jumping into longs ahead of the report, but that for me would be a signal to stay away from shorts.

 

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