Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

An Insight Of The Recent Price Action Of EUR/USD

After failing at 1.3042 EUR/USD had broken below the psychological support of 1.3000 and had touched 1.2796. The support came at the emerging mid term support trend line. The price action is also bringing in a head and shoulder chart pattern and a break below 1.2745 will complete that pattern. If such a move takes place then deeper declines towards the psychological ranges of strong 1.2500 support ranges may be seen.

Weekly chart - Head And Shoulder And Trend Line:

Forex- EURUSD 1

Daily Chart And Double Top

Forex - EURUSD - 1

After failing at 1.3042 EUR/USD had broken below the psychological support of 1.3000 and had touched 1.2796. The support came at the emerging mid-term support trend line. The price action is also bringing in a head and shoulder chart pattern and a break below 1.2745 will complete that pattern. If such a move takes place then deeper declines towards the psychological ranges of strong 1.2500 support ranges may be seen.

- By +Himanshu Jain

Read more about EUR/USD Alerts.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: The above analysis are based on certain observations and experience but should not be considered as an investment advice. The author and SeekingAlpha will not be liable and responsible for any losses, direct or indirect, because of any trading position taken by a reader based on this outlook.