EUR/USD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency couple started to form a double top pattern on December 4 when it suddenly tumbled below its short-and long-term SMAs. Now the pair is struggling at the pattern's support at 1.3747 that is preventing a sharp decline usually observable when a currency pair breaches support of the double top pattern. EUR/USD approached this significant level after it retreated from the second peak of the pattern at a two-month high. Market players are moderately bearish on the pair, 54.57% of them bet on depreciation of the instrument, suggesting that a drop under the pattern's support line may occur before long.
© Dukascopy Bank SA
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