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Forex: EUR/USD Technical Analysis – Double Top in the Works?

Forex: EUR/USD Technical Analysis – Double Top in the Works?

Ilya Spivak, Head Strategist, APAC

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EUR/USD Technical AnalysisPrices 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 1.3321, a rising channel bottom. A break below that targets the 23.6% Fib retracement at 1.3286.

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dailyclassics_eur-usd_body_Picture_2.png, Forex: EUR/USD Technical Analysis – Double Top in the Works?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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