Forex: EUR/USD Technical Analysis – Double Top in the Works?
EUR/USD Technical Analysis – Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance in the 1.3416-51 area, marked by the June 19 high and the 38.2% Fibonacci expansion. The setup hints a move lower is ahead. Negative RSI divergence bolsters the case for a downside scenario. Near-term support is at 1.3286, the 23.6% Fib retracement, with a break below that targeting the 38.2% level at 1.3185. Alternatively, a move above resistance eyes the 50% expansion at 1.3527.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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