Tickmill
Short

EURUSD forming a double top reversal, watch for potential drop!

FX:EURUSD   Euro / U.S. Dollar
EURUSD             has formed a really nice double top reversal setup and this could drive price all the way down to 1.2083 major support ( Fibonacci retracement , horizontal pullback support). Our 1st level of resistance is at 1.2333 ( Fibonacci retracement , horizontal overlap resistance, double top breakout level) and we have to watch for a pullback to this level first.

RSI (89) has made a bearish exit of our long term ascending support-turned-resistance line signaling that there might be a change in momentum to bearish .

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This analysis is provided as general market commentary and does not constitute investment advice.
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