EUR/USD: "Double Top" stopped bulls

EUR/USD: "Double Top" stopped bulls

EUR/USD: "Double Top" stopped bulls

Bulls faced a resistance at 1.0951, so we’ve got a “Double Top”, which pushed the price to the previously broken “Wedge” pattern. Therefore, the market is likely going to decline towards a support 1.0819 – 1.0729. If a pullback from this area happens, there’ll be an opportunity to have another bullish price movement.

EUR/USD: "Double Top" stopped bulls

There’s a “Double Top”, which has been confirmed, so the price is consolidating. In this case, bears are likely going to test a support area between the levels 1.0819 – 1.0777. However, if a pullback from these levels happens, bulls will probably try to achieve a resistance at 1.0855.



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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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