Double top on EUR/USD

Double top on EUR/USD

The current technical pattern indicates the correction of the EUR/USD currency pair after significant growth over the past two weeks. The trading instrument held the local offer zone of 1.22850-1.23150, which triggered the bearish sentiment. At the moment, a classic reversal figure of the technical analysis, Double top, (H1 timeframe) was formed. The 1.22000 level is the key support. We recommend paying attention to this formation.

If the price fixes below 1.22000, you need to look for entry points to the market to open short positions. The immediate goal for profit-taking is 1.21500. In the medium term, EUR/USD can reach the "mirror" support at 1.20750. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustMarkets, 2018.01.17

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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