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Forex: EUR/USD Technical Analysis – A Double Top Confirmed?

Forex: EUR/USD Technical Analysis – A Double Top Confirmed?

2013-08-29 11:14:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD Technical AnalysisPrices 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.

dailyclassics_eur-usd_body_Picture_2.png, Forex: EUR/USD Technical Analysis – A Double Top Confirmed?

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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