EUR/USD: "Double Top" led to decline

EUR/USD: "Double Top" led to decline


The main trend is still bullish. Also, there's a "Double Top" pattern, which has been confirmed. Moreover, all the Moving Averages have been broken, so the market is likely going to test the next support at 1.2234 - 1.2205. If a pullback from this area happens little later on, there'll be a moment for another upward price movement.


The last "Double Top" pattern led to the current decline. The main intraday target is the closest support area at 1.2205, which could be a departure point for a bullish price movement towards the 34 Moving Average.



Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.


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