EUR/USD: Likely to break a double top on the hourly chart

FX:EURUSD   Euro / U.S. Dollar
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  • The rally in the EUR/USD             pair stalled at 1.0968 on Tuesday, but profit taking pushed the spot back to 1.0924. Another attempt was made to take out 1.0963-1.0964, before falling it ran into offers today and fell back to 1.0925 levels.
    Consequently, we have a double top formation (1.0965) on the hourly chart, with the spot trading around 1.0924 (neckline).

In my opinion, the spot is poised to break below the neckline and drop to 1.0883. I hold this bearish view since the spot also failed to take out the 50-MA on the 4-hour and the 200-MA on the hourly.

Given, the spot is ignoring the US-German 10-year yield spread, it is unlikely that the same could offer fresh cues to the pair today. The only risk to the bearish view is the risk aversion in the equities, which may support the EUR; which has been behaving like a funding currency since Greek deal was reached.
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