EUR/USD Forming a Double Top Pattern

EUR/USD Technical Analysis

• EUR/USD has possibly finished a retracement
• Below 1.1200 is bearish
• Fake Inverted SHS pattern
• 1.1115 is target

H1 CHART EUR/USD

1. Descending trend line
2. Consolidation / Bounce zone
3. Double top
4. Final target

The EUR/USD has made a retracement towards 1.1185. After the retracement we can see the double top. Possible move down should target 1.1150 and lower levels. 1.1115 is the target. On intraday level rallies could be used for selling. Only above 1.1200 the price might be bullish. If the price makes a recovery above W H3 then bulls might have the upper hand. Selling the rallies and profit taking around 1.1140 and 1.1115 is the valid scenario. Swing potential only below 1.1080.

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Cheers and safe trading,

Nenad