EUR/NZD 4H: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare Double Top pattern was formed by EUR/NZD more than 2 months ago. At the moment of writing the pair was trading at 1.666, level represented by a 23.80% Fibonacci Retracement.
As the market sentiment is slightly bearish and aggregate technical indicators on 4H chart are sending "sell" signals, a movement to the support line can be expected. In case of an downside penetration the pair is likely to be followed by lower prices and increased trading volume.
© Dukascopy Bank SA
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