EUR/USD: "Double Top" pushed price lower

EUR/USD: "Double Top" pushed price lower

2019-11-11 • Updated

30-5-2017-EUR-H4.png

The last "Double Top" pattern has been confirmed, so the price got support at 1.1103, which led to forming a "V-Bottom", which pushed the price towards resistance at 1.1204. Therefore, the market is likely going to decline in the direction of the 34 Moving Average. If a pullback from this line happens, there'll be an opportunity to have another bullish price movement towards the next resistance at 1.1171 - 1.1204.

30-5-2017-EUR-H1.png

The price faced support at 1.1103, so we've got a "V-Bottom". Bulls tried to break the 89 Moving Average, but they failed, so bears are likely going to test the closest support at 1.1139 - 1.1103. However, if we see a pullback from this area, we should keep an eye on the 55 Moving Average as an intraday target.

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