Forex: EUR/USD Technical Analysis – A Double Top Confirmed?
To receive Ilya's analysis directly via email, please SIGN UP HERE
EUR/USD Technical Analysis – Prices as moving as expected after putting 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 pair is now testing below support at the bottom of a rising channel set from mid-July and the 23.6% Fib retracement at 1.3286. Confirmation of a breakdown on a daily closing basis suggests a double top in place, exposing the next downside barrier at 1.3185. Alternatively, a move back above the channel bottom (now at 1.3338) aims for 1.3416 anew.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak