Overall Bearish Outlook EURUSD SHORT
1.) Price is in the monthly/weekly supply zone. Price has had trouble breaking this zone and I think price was just consolidating and gathering momentum to make a bearish push.
2.) Price formed a double top, after an uptrend. A double top formation at the end of an uptrend can signal a potential reversal.
3.) After forming a double top, price then broke the neckline. Once price breaks the neckline of a double top/double bottom formation, it is common to expect price to retrace to the neckline and meet resistance before making another impulse.
4.) I think price will create another impulse to the downside and am looking to take profit near the 50.0 fib level.
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