{"id":7939,"date":"2021-05-10T07:50:00","date_gmt":"2021-05-10T06:50:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=7939"},"modified":"2021-05-10T20:29:04","modified_gmt":"2021-05-10T19:29:04","slug":"eurusd-technical-analysis-1-2400-could-become-a-reality","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-1-2400-could-become-a-reality\/","title":{"rendered":"EURUSD Technical Analysis &#8211; 1.2400 could become a reality"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7939\" class=\"elementor elementor-7939\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4274671 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4274671\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d1d5aa\" data-id=\"7d1d5aa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-37d4a21 elementor-widget elementor-widget-text-editor\" data-id=\"37d4a21\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The euro currency moved higher with rocket ship momentum against the US dollar last Friday after the Non-farm payrolls job report helped underpin the notion that the Federal Reserve will need to keep the foot on the printing presses as jobs data underwhelmed.<\/p><p>April\u2019s weak US job number also complimented the ISM manufacturing report, which highlighted that US economic activity is starting to slow down. Markets are now turning their ultra-bullish skew towards the US economy to one of concern.<\/p><p>Last week\u2019s CFTC report showed that <a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">EURUSD<\/a> longs increased amongst futures market participants. Furthermore, buying volumes towards the EURUSD hit an eight-week high on the spot market last Friday.<\/p><p>This week, the CPI report and an ongoing breakdown in the <a href=\"https:\/\/bit.ly\/3eIXPz1\" target=\"_blank\" rel=\"noopener\">US dollar index<\/a> are catching my attention. A strong CPI report could send the markets into a tailspin. Rising inflation in a weak growth environment is the Federal Reserve\u2019s most undesired outcome right now.<\/p><p>Big moves in the US dollar index could also have significant consequences for the EURUSD. The technical for DXY clearly show a break below the 89.00 level could cause heavy technical selling towards the 86.00 level.<\/p><p>On the technical front for the EURUSD, the recent move above the 1.2080 is a big deal for bulls because a huge bullish pattern has now been activated, which has an upside target of at least 400 points. This would take the EURUSD towards the 1.2400 handle.<\/p><p>Looking at retail sentiment negative sentiment towards the EURUSD pair has reached 73 percent negative now, which means that retail traders are on the wrong side of the move in worryingly large numbers. This is likely to signal further heavy losses if retail traders hold the ongoing bearish stance towards the EURUSD.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ef9127a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ef9127a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e556e2e\" data-id=\"e556e2e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9a58852 elementor-widget elementor-widget-image\" data-id=\"9a58852\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"307\" height=\"116\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/05\/EURUSD-CHART-2.png\" class=\"attachment-large size-large wp-image-7953\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ae8fcda elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ae8fcda\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-53cc533\" data-id=\"53cc533\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b477329 elementor-widget elementor-widget-text-editor\" data-id=\"b477329\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>EURUSD Short-Term Technical Analysis<\/strong><\/p><p>Bears have to be very careful this week, after the EURUSD pair broke above a large descending broadening wedge pattern. These types of patterns are amongst the most bullish amongst a wide array of reversal patterns.<\/p><p>The pattern holds an upside target of over 400 points and is in play while the EURUSD pair trades above the 1.2080 level. Overall, expect big gains in the EURUD towards the 1.2200, 1.2300 and 1.2400 while the wedge break remains in play.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a6f98b7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a6f98b7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-49282f6\" data-id=\"49282f6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6b76910 elementor-widget elementor-widget-image\" data-id=\"6b76910\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"342\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/05\/EURUSD-4H-1.png\" class=\"attachment-large size-large wp-image-7955\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e5b33da elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e5b33da\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a301c78\" data-id=\"a301c78\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-96ef99a elementor-widget elementor-widget-text-editor\" data-id=\"96ef99a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-122c234 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"122c234\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d4f5acf\" data-id=\"d4f5acf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9af80cb elementor-widget elementor-widget-text-editor\" data-id=\"9af80cb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>EURUSD Medium-Term Technical Analysis<\/strong><\/p><p>Looking at the daily time chart, a bearish head and shoulders pattern is in danger of being invalidated if bulls take out the 1.2340 level. It remains to be seen whether this will happen this week.<\/p><p>This will be a significant and bullish medium-term development for the EURUSD pair if this pattern is invalidated. The invalidation of the head and shoulders pattern would suggest that the EURUSD is headed towards the 1.2800 level over the medium-term horizon.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d973906 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d973906\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-954b014\" data-id=\"954b014\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5d88e35 elementor-widget elementor-widget-image\" data-id=\"5d88e35\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"344\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/05\/EURUSD-1D-1.png\" class=\"attachment-large size-large wp-image-7956\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-161daf3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"161daf3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1c31dea\" data-id=\"1c31dea\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9c816d2 elementor-widget elementor-widget-text-editor\" data-id=\"9c816d2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The euro currency moved higher with rocket ship momentum against the US dollar last Friday after the Non-farm payrolls job report helped underpin the notion that the Federal Reserve will need to keep the foot on the printing presses as jobs data underwhelmed. April\u2019s weak US job number also complimented the ISM manufacturing report, which [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[18,42,193],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EURUSD Technical Analysis - 1.2400 could become a reality - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-1-2400-could-become-a-reality\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EURUSD Technical Analysis - 1.2400 could become a reality\" \/>\n<meta property=\"og:description\" content=\"The euro currency moved higher with rocket ship momentum against the US dollar last Friday after the Non-farm payrolls job report helped underpin the notion that the Federal Reserve will need to keep the foot on the printing presses as jobs data underwhelmed. April\u2019s weak US job number also complimented the ISM manufacturing report, which [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-1-2400-could-become-a-reality\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-10T06:50:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-10T19:29:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/GettyImages-538947385.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"591\" \/>\n\t<meta property=\"og:image:height\" content=\"293\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-1-2400-could-become-a-reality\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/eurusd-technical-analysis-1-2400-could-become-a-reality\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"EURUSD Technical Analysis &#8211; 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