EUR/USD - Double Top Indicates Potential Reversal
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Formation of Double Top:
The EUR/USD has created a clear double top around the 1.1250 level, signaling potential exhaustion in the bullish trend.
Breakdown and Retest:
The price has broken below the key support zone near 1.1000, now acting as resistance, where sellers may enter the market.
A possible short-term retest of the entry zone (1.1000 - 1.1020) is expected before a continued decline.
Target Area:
The projected target for this downtrend lies in the 1.0780 - 1.0820 support zone, marked in purple, where buyers might re-emerge.
Channel Support:
The long-term ascending channel provides additional confluence near the target zone, acting as a potential support area for reversal or consolidation.
Formation of Double Top:
The EUR/USD has created a clear double top around the 1.1250 level, signaling potential exhaustion in the bullish trend.
Breakdown and Retest:
The price has broken below the key support zone near 1.1000, now acting as resistance, where sellers may enter the market.
A possible short-term retest of the entry zone (1.1000 - 1.1020) is expected before a continued decline.
Target Area:
The projected target for this downtrend lies in the 1.0780 - 1.0820 support zone, marked in purple, where buyers might re-emerge.
Channel Support:
The long-term ascending channel provides additional confluence near the target zone, acting as a potential support area for reversal or consolidation.
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