EUR/USD breaks below the trendline for the rally since June.
EUR/USD has broken below a key trendline and might have formed a bearish pattern. A Double Top reversal pattern could potentially be a bad omen for the pair. On Tuesday itexecutes a throwback move to “air kiss the trendline goodbye” and now seems to be declining again. The overall tenor of the chart suggests a bearish short-term outlook. Momentum as measured by the Moving Average Convergence Divergence is in negative territory. If prices can close below Friday’s low at 1.
0865 initially extrapolation of the move prior to the trendline break). The 200-day Simple Moving Average , however, could come in with support a little before then at 1.0875, suggesting another more conservative option. Adding to the bearish picture is the possible Double Top price pattern which might have formed during September. This is the “M” shaped pattern formed just under the heavy resistance line at 1.1226.
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