EUR/USD: "Double Top" pattern

EUR/USD: "Double Top" pattern

2019-11-11 • Updated

9-1-2018-EUR-H4.png

There's a "Double Top" pattern, which has been confirmed, so the price is testing the 34 Moving Average. If this line turns out to be broken, bears are going to reach the next support at 1.1941 - 1.1914. This area could be a departure point for an upward correction.

9-1-2018-EUR-H1.png

All the Moving Averages have been broken, so the market is likely going to test the nearest support area at 1.1941 - 1.1914 in the coming hours. If a pullback from these levels happens little later on, we could have a bullish correction towards another resistance at 1.1975 - 1.2003.

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