EUR/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency pair has stopped declining after a week of constant losses from March 4 until March 11. However, some attempts to push the single currency down took place from time to time, which led to emergence of the double bottom pattern on 1H chart. Nevertheless, the Euro has been undergoing a rebound stage during this trading week, while the pair is currently approaching the highest point between two valleys. There, both daily R1 and 200-hour SMA are likely to send the pair to the south. This idea is supported by 53% of SWFX market participants, but opposed by 1H and 4H technical indicators which are bullish on the Euro at the moment.
© Dukascopy Bank SA
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