EUR/USD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Mar 5 the single currency has been trading beneath 1.1037, and none of the attempts to breach this resistance succeeded. Accordingly, the exchange rate is now moving south, towards the parity. The interim ceiling is at 1.07, represented by the daily PP and the down-trend, while the short-term target is the lower boundary of the channel at 1.06, which is also reinforced by the daily S1 and weekly S2 levels. In the longer-term perspective the currency pair is likely to aim for 1.0460, namely for the Mar low, which also coincides with the daily and weekly S3. At the same time, a majority of the technical indicators are bearish, though the traders remain undecided: 53% are long and 47% are short.
© Dukascopy Bank SA
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