EUR/USD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the most traded currency couple has been advancing since the early November, it started to shape a double top pattern a month later when it eventually managed to soar above its short-term SMA. Now EUR/USD still is trading above both short-and long-term SMAs despite the fact that it has entered the bearish phase of the pattern and was expected to decline. It is hard to say whether the pattern will work out as technical indicators as well as market sentiment show mixed picture. About 54% of market players expect the pair to bounce off its 50-hour SMA, while technical signals are bullish for short and long terms but neutral for medium term.
© Dukascopy Bank SA
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