EUR/USD Price Analysis: Double top on the daily chart

EUR/USD retreats to 1.1735, having faced rejection above 1.19 last Thursday. The pair failed to keep gains above 1.19 on July 31. Daily chart now sho  |  11/08/2020 01:31

  • EUR/USD retreats to 1.1735, having faced rejection above 1.19 last Thursday. 
  • The pair failed to keep gains above 1.19 on July 31. 
  • Daily chart now shows a double top pattern with neckline at 1.1696.  

EUR/USD looks to have formed a double top bearish reversal pattern on the daily chart with the neckline support at 1.1696 (Aug. 3 low). 

A daily close below that level would confirm the double top breakdown and create room for a sell-off to 1.1475 (target as per the measured height method). 

At press time, the pair is sidelined near 1.1735, having declined for the second straight trading day on Monday. 

A move to the double top necklines support at 1.1696 looks likely with the recent candlestick arrangement signaling a bullish-to-bearish trend change and bearish divergences of the the 14-day relative strength index and the slow stochastic. 

Daily chart

Trend: Bearish

Technical levels

 

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