Although everything seems to become bearish, I do not think this is the last bullish move. The pair is heading to break the yearly highs. This is clear after what we saw today. If this happen we'll see 1,1600 before 1,6500. Then there will be room for a correction down but before the next rise. If this trend line break happens, EURUSD will target 1,20 levels sooner or later and it will not break to lower lows.
Comment:
There's no double top at the moment and all signs are still bullish. I should not sell before a confirmation of a double top.
Comment:
the first target is 1,18093. If the EURUSD breaks and reverses before it should mean that the EU economy is a fail. But all seems that the EURUSD is recovering. A reversal is not likely to happen after the strong push through the yearly trend line. I expect a trend continuation towards 1,16 - 1,1650 before a correction and from there 1,18 ahead of 1,20. This will be the target and also a strong resistance level.
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Price must hold above the yearly trend line. If this holds, the break is confirmed and new highs will be seen.
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correction: 1,1650 (not 1,65)
Comment:
First target is hit