EUR/USD: "Double Top" pattern

EUR/USD: "Double Top" pattern


There's a "Double Top" pattern, which has been confirmed, so the price is consolidating. The main intraday target is the 55 Moving Average. If a pullback from this line happens little later on, bulls will probably try to reach another resistance at 1.1743 - 1.1767.


The price is consolidating between the Moving Averages, so there's a confirmed "Double Bottom" pattern. In this case, the market is likely going to reach the nearest resistance at 1.1767. This level could be a departure point for a decline towards the next support at 1.1712 - 1.1689.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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