EUR/USD: possible "Triple Top"

EUR/USD: possible "Triple Top"

The price is still consolidating under a resistance at 1.0951. Also, there’s a developing “Triple Top”. If this pattern confirms, the market is likely going to decline towards a support at 1.0819 – 1.0729, which is near the last “Breakaway Gap”. If a pullback from this area happens, there’ll be an opportunity to have an upward price movement towards a resistance at 1.0851.

There’s a “V-Top”, which led to a consolidation between the 34 Moving Average and the nearest resistance at 1.0910. At the same time, we’ve got a “Flag”, so bears are likely going to test the 89 Moving Average in the short term. If we see a pullback from this line, bulls will probably try to test a resistance at 1.0882.



EUR/USD: "V-Top" pattern

The pair is likely going to test the nearest support at 1.2313. If a pullback from this level happens little later on...



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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