We expect further downside on this pair, signalled by the double-top pattern breakout. We can also see the breakout of a key level which further supports our directional basis.
Price is currently within a ranging channel. After it made a fake-out at the support level it has formed a rising wedge pattern as it reaches the resistance level for the second time, forming a double top bearish reversal pattern. Now, before price breaks out of the wedge , it is also looking to form a head and shoulders pattern as the impulsive move is looking to...
Today’s Technical Analysis – EURUSD – testing local support, a bearish retest will allow of a short entry. Points to consider, - Double top resistance (bearish formation) - Local support confluence - RSI below 50 - Stochastics buy cross - Volume below average The double top resistance was established with an impulse sell off into local support, which is the...