# EURUSD Head and Shoulders Breakdown (Oct 27, 2017) Source: https://www.tradersway.com/resources/market-info/eurusd-head-and-shoulders-breakdown-oct-27-2017/ Language: en Updated: 2017-10-27 Description: Explore EURUSD Head and Shoulders Breakdown (Oct 27, 2017). EURUSD. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. EURUSD broke below the neckline of its long-term head and shoulders pattern, confirming that a downtrend is underway. The chart pattern is approximately 400-500 pips tall so the resulting selloff could last by the same amount. The 100 SMA is still sufficiently above the longer-term 200 SMA on the daily time frame, so the path of least resistance is to the upside. However, price is breaking below the dynamic inflection point to signal a pickup in bearish pressure. Stochastic was on its way up but turned back down to indicate a return in selling momentum. The oscillator is closing in on the oversold region, though, so a bounce on profit-taking might happen. The ECB announced its plans to maintain its 60 billion EUR monthly asset purchase program until the end of the year then tapering it down to 30 billion EUR per month from January to September 2018 or beyond if necessary. Bulls seemed unimpressed by this announcement as many expected an earlier or larger reduction. During the presser, Draghi admitted that the decision was not unanimous and that inflation has not been encouraging. Still he expressed optimism about growth and employment, but euro traders appeared to brush these positive remarks aside. Meanwhile, the Greenback has gotten a boost from news that the House passed a budget resolution to allow the tax bill to clear Senate without achieving a supermajority. This means that Republican support could be enough to carry the bill through, even as Democrats strongly oppose the proposals. ![EURUSD Head and Shoulders Breakdown (Oct 27, 2017)] US advance GDP data for Q3 is due next and hopes are running high after the durable goods orders report suggested a stronger contribution from the business sector for the period. Analysts are expecting to see a 2.6% growth figure, slower than the earlier 3.1% expansion. News on Trump’s Fed Chair pick could also lead to big moves for the dollar. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/eurusd-head-and-shoulders-breakdown-oct-27-2017/#primary", "url": "https://www.tradersway.com/resources/market-info/eurusd-head-and-shoulders-breakdown-oct-27-2017/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/eurusd-head-and-shoulders-breakdown-oct-27-2017/", "headline": "EURUSD Head and Shoulders Breakdown (Oct 27, 2017)", "inLanguage": "en", "datePublished": "2017-10-27T06:33:10+00:00", "dateModified": "2017-10-27T06:33:10+00:00", "articleSection": "Market Info", "description": "Explore EURUSD Head and Shoulders Breakdown (Oct 27, 2017). EURUSD. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding.", "image": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/og-default.png" }, "author": { "@type": "Organization", "@id": "https://www.tradersway.com/#organization" }, "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": [ "Organization", "FinancialService" ], "@id": "https://www.tradersway.com/#organization", "name": "Trader's Way", "alternateName": "TradersWay", "legalName": "TW Corp LLC", "description": "Trader's Way is the trading brand of TW Corp LLC, a company registered in Anguilla under number A000001731. It provides online leveraged trading in forex, metals, energies, stock indices and cryptocurrencies through MetaTrader 4, MetaTrader 5 and cTrader, with Market execution, a 40% stop out level and a minimum initial deposit of 10 USD. The company holds no financial services licence and does not direct its services to residents of the United States or the United Kingdom.", "url": "https://www.tradersway.com", "foundingDate": "2011", "logo": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/logo-square-512.png" }, "address": { "@type": "PostalAddress", "streetAddress": "No. 9 Cassius Webster Building, Grace Complex", "postOfficeBoxNumber": "1330", "addressLocality": "The Valley", "postalCode": "AI-2640", "addressCountry": "AI" }, "contactPoint": { "@type": "ContactPoint", "contactType": "customer support", "email": "support@tradersway.com" }, "areaServed": "Worldwide, excluding the United States and the United Kingdom", "knowsAbout": [ "Foreign exchange trading", "Contracts for difference", "Leveraged trading", "Precious metals trading", "Energy commodities trading", "Stock index trading", "Cryptocurrency trading", "MetaTrader 4", "MetaTrader 5", "cTrader" ], "sameAs": [ "https://www.trustpilot.com/review/www.tradersway.com", "https://www.forexpeacearmy.com/forex-reviews/8129/tradersway-forex-brokers", "https://www.youtube.com/channel/UChRC072YJGlNNNYhg_0hZeA", "https://www.facebook.com/tradersway.forex.broker", "https://twitter.com/TradersWay", "https://www.instagram.com/traderswayforex/", "https://t.me/tw_eng" ], "identifier": { "@type": "PropertyValue", "propertyID": "Anguilla company registration number", "value": "A000001731" }, "location": { "@type": "Place", "address": { "@type": "PostalAddress", "streetAddress": "Radnicka 147", "addressLocality": "Valjevo", "postalCode": "14000", "addressCountry": "RS" } } }, { "@type": "WebSite", "@id": "https://www.tradersway.com/#website", "url": "https://www.tradersway.com", "name": "Trader's Way", "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": "BreadcrumbList", "@id": "https://www.tradersway.com/resources/market-info/eurusd-head-and-shoulders-breakdown-oct-27-2017/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://www.tradersway.com/" }, { "@type": "ListItem", "position": 2, "name": "Resources", "item": "https://www.tradersway.com/resources/" }, { "@type": "ListItem", "position": 3, "name": "Market Info", "item": "https://www.tradersway.com/resources/market-info/" }, { "@type": "ListItem", "position": 4, "name": "EURUSD Head and Shoulders Breakdown (Oct 27, 2017)", "item": "https://www.tradersway.com/resources/market-info/eurusd-head-and-shoulders-breakdown-oct-27-2017/" } ] } ] } ``` ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Person", "@id": "https://www.tradersway.com/#wayne-mcdonell", "name": "Wayne McDonell", "jobTitle": "Chief FX Strategist", "description": "Chief FX Strategist at Trader's Way, trading forex publicly since 2004. His analysis has appeared in the Wall Street Journal, Bloomberg Television, Fox Business, Futures Magazine and FOREX Journal Magazine. Author of \"Strategic and Tactical Forex Trading\".", "worksFor": { "@id": "https://www.tradersway.com/#organization" }, "knowsAbout": [ "Foreign exchange market", "Technical analysis", "Fundamental analysis", "Forex trading strategy" ], "sameAs": [ "https://www.youtube.com/c/tradersway" ] }, { "@id": "https://www.tradersway.com/#organization", "employee": { "@id": "https://www.tradersway.com/#wayne-mcdonell" } } ] } ```