EUR/USD: "Double Top" brought bears into the market
The price has faced a resistance at 1.1419, which led to form a “Double Top” pattern, so we’ve got the market at a support at 1.1282. Therefore, the pair is likely going to reach the 89 Moving Average in the short term. If we see a pullback from this line, bulls will probably try to achieve a resistance at 1.1326 – 1.1357 afterwards.
Bears are pushing the price lower and lower. We’ve got a local support at 1.1297, but it’s very likely that the current decline is going to move on, so we should keep an eye on a support at 1.1282 as the next possible target. If this level stops sellers, an upwards correction becomes possible.