EUR/USD: "Double Top" led to the correction
The upward movement has faced a resistance at 1.1337. The price formed a “Double Top” pattern afterwards, which led to the current correction. It’s likely to see a decline towards a support area between the levels 1.1245 – 1.1217. Considering the previously formed “Wedge”, the pair is subsequently going to a resistance area at 1.1337 – 1.1376.
There’s a “Wedge” in progress on the one-hour chart. The market is likely going to form a pullback from the upper side of “Wedge”. If so, the pair will have a reason to go towards the lower side of this pattern afterwards. If bears be stopped somewhere in here, then bulls might come back and start rising, so we should keep an eye on a resistance at 1.1337 – 1.1366.