EUR/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency couple started to shape a double bottom pattern on January 16. Several hours ago, the pair entered the most critical stage of the pattern as it reached the neck-line and if it manages to surpass this formidable resistance, it may enjoy a sharp rally. However, six hours of struggle at this level still have not brought any results and traders may start losing faith in the pair. Currently, market players do not express an uniform opinion, being bullish only in about 52% of cases. Meanwhile, technical indicators also are sending mixed signals, being bullish for short-term, neutral for medium-term and bearish for long-term.
© Dukascopy Bank SA
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Wed, 22 Jan 2014 06:58:00 GMT

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