EUR/USD 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD has been following an upward trend since mid-February when the instrument started to shape a double top pattern. The most bullish part of the pattern was ended at a six-week high of 1.3773. Although the pair has already started a retreat from the second peak of the pattern, it is still well-above the neck-line sitting at 1.3685. The main hindrance for a further drop is the 50-hour SMA at 1.3740 that has been preventing a decline for more than two days and may continue to doing so in the hours to come. Meanwhile, the SWFX data fails to shed light on the pair's future direction, indicating a proportion of long to short positions is almost 1:1.
© Dukascopy Bank SA
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