EURUSD at Testing Resistance; Double Top Formed on H4

FX:EURUSD   Euro / U.S. Dollar
We've seen price remain within a consistent channel since the first of the year. After the previous week's rally we've begun to approach the upper bound of this channel as well as the 50 day SMA . Yesterday we saw the first daily decline since last week, and saw a brief correction culminating in a possible double top formation at ~1.1330, followed by a failed attempt to breach of that line further reinforcing the strength of this resistance. I expect the the following week to continue downward within the channel with our first profit target at 1.1200 near the previous low, and the next around 1.1160-1.1170.

Note: FED Event risk next Wednesday, US interest rates announcement @ 18:00 GMT . So far 2019 the FED has been relatively dovish, continuation of this outlook will limit the potential upside for the USD.


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