EUR/USD: "Double Top" pattern

EUR/USD: "Double Top" pattern


The 34 Moving Average has acted as support so the price is rising. However, bulls didn't fixate above the "Runaway Gap", so we could have a local downward correction. Nevertheless, the market is likely going to climb even higher, so we should keep an eye on the next resistance at 1.2080 - 1.2129 as an intraday target.


We've got a "Double Top" pattern, which has been confirmed, so the price is likely going to achieve the closest support at 1.2022. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards another resistance at 1.2129.



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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