FX.co ★ Technical analysis on EURUSD for March 13th, 2023.

Black line- support trend line

EURUSD is trading around 1.07. In a previous analysis we noted the potential bearish patter of a head and shoulders formation. Price since then has not activated the bearish pattern as the neckline support was respected. Price bounced off the neck line support last week when it tested the 1.0525 support. Since then price is making new higher highs. Is this a right hand shoulder under formation? Recent price action has confirmed the importance of the black support trend line. As long as price is above this level bulls are still hoping for a move towards 1.09.