Our pair has moved away from the lows and has already worked out an inverted head and shoulders pattern. The level of 1.1715 has not been overcome yet.
The situation in Turkey is also exerting pressure on the euro exchange rate, weakening the currency. The US dollar gained the status of a safe haven asset after Donald Trump began a trade war with China. After the recent announcement that the negotiations are still too inconclusive, the dollar began to rise again.
Technical indicators point to a sell signal; we expect the formation of a downtrend.
Therefore, we advise you to look for points to enter short positions and consider the levels of 1.1670 and 1.1625 for your goals. At the moment the pair can show an even more powerful downward momentum and rush to even earlier levels of support on the chart.
