EUR/NZD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/NZD currency pair has formed a high-quality and magnitude double top pattern on a short-term chart. At the moment we are observing the single currency trading to the south in the direction of pattern's support line at 1.5775. If it manages do reach this level and bounce back to the upside, we will most likely see a formation of the triple top or rectangle pattern. However, at first the pair will have to cross the weekly pivot point at 1.5798. According to market participants' opinion (74% of all positions are short), the pair will breach the pattern's support and decline further, while technical indicators do not give any clear signal for the short-term movement.
© Dukascopy Bank SA
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