EURUSD forming a double top reversal, watch for potential drop! för FX:EURUSD av Tickmill

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EURUSD has formed a really nice double top reversal setup and this could drive price all the way down to 1.2083 major support (Fibonacci retracement, horizontal pullback support). Our 1st level of resistance is at 1.2333 (Fibonacci retracement, horizontal overlap resistance, double top breakout level) and we have to watch for a pullback to this level first.

RSI (89) has made a bearish exit of our long term ascending support-turned-resistance line signaling that there might be a change in momentum to bearish.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results

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