EUR/USD: "Double Top" pushed price lower

EUR/USD: "Double Top" pushed price lower


We've got a "Double Top" pattern, so the price is consolidating. So, the market is likely going to decline towards the nearest support at 1.1139 - 1.1103. If a pullback from this area happens, we could have another bullish price movement towards the next resistance at 1.1287 - 1.1307.


The last "Double Top" pushed the price lower, so bears meet with support at 1.1171. Also, there's a "Flag" pattern, so the pair is likely going to get support on the 89 Moving Average. At the same time, if we see a pullback from this line, bulls will have an opportunity to reach the closest resistance at 1.1249 - 1.1267.




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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