The EURUSD draws positive pattern – Analysis - 02-12-2021

The EURUSD pair shows sideways trades since yesterday, keeping its stability below 1.1375, and by taking a deeper look at the chart, we find that the price draws inverted head and shoulders’ pattern that might assist to turn the trend to the upside and achieve gains that reach 1.1560 on the near term basis.

Therefore, we prefer to stay aside until we get a batter signal for the trend, noting that breaching 1.1375 will activate the positive effect of the mentioned pattern and lead the price to visit 1.1445 followed by 1.1560 levels mainly, while breaking 1.1260 will bring the price back to the bearish channel and resume the bearish track that its next main target located at 1.1145.

The expected trading range for today is between 1.1250 support and 1.1400 resistance.

The expected trend for today: Neutral