EUR/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Euro-greenback cross is signalling about a possible rally. It is the underlying idea behind the Double Bottom pattern— try to reach new lows, fail and then to return to the previous levels. Such turn of events is also supported by the short and medium term technical indicators. However, pair is approaching major level at 1.31—200-day SMA and pattern's resistance. Taking in to account mildly bearish mood in the market and strength of this major level we might see some sell off, maybe even a formation of the third low.

© Dukascopy Bank SA
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