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EUR/USD: "Double Top" points to a possible local correction

EUR/USD: "Double Top" points to a possible local correction

The price has found a resistance at 1.1392, which brought a “V-Top” pattern. So, the market is likely going to decline towards a support at 1.1324 – 1.1282, which was developed by the yesterday’s “Breakaway Gap”. If we see a pullback from this area, bulls will probably try to catch a resistance at 1.1416 later on.

EUR/USD: "Double Top" points to a possible local correction

As we can see on the one-hour chart, the pair faced a resistance at 1.1392, so we’ve got a “Double Top” at the last high, which has been confirmed. Therefore, bears are likely going to get a support at 1.1324 – 1.1279. However, if price stops here, an upward movement becomes possible, so we should keep an eye on the next resistance at 1.1392 – 1.1415.

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