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Short

EURUSD bearish–Bearish intraday reversal forms a tweezer top

FX:EURUSD   Euro Fx/U.S. Dollar
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EURUSD             1.1369 – bearishBearish intraday reversal forms a tweezer top

EURUSD             rallied strongly to reach 1.1494 Thursday (October 15, 2015 high, near 61.8% of 1.1713/1.1086 fall) where the resistance proved to be tough. Subsequent sharp reversal formed a tweezer top (as shown on the daily chart ) which typically suggests near-term topping especially when the indicators are in the overbought territory, and risks further weakness towards the 1.1267/1.1234 area (October 9/8, 2015 lows).
However, failure to see follow-through would negate the pattern’s bearish bias. A quick rebound above 1.1494 would signal return of strength and open 1.1560 (August 26, 2015 high) near 76.4% of the 1.1713/1.1086 fall.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral
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