EURUSD approaching double top reversal resistance, watch out!
EURUSD is making a strong pullback to our double top reversal resistance. Such setups usually occur where there are players pushing price up to get in on the good level. Our 1st level of resistance is at 1.2333 (Fibonacci retracement, horizontal overlap resistance, double top breakout level) and our major support is at 1.2083 (Fibonacci retracement, horizontal pullback support).
RSI (89) has made a bearish exit of our long term ascending support-turned-resistance line signaling that there might be a change in momentum to bearish.
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RSI (89) has made a bearish exit of our long term ascending support-turned-resistance line signaling that there might be a change in momentum to bearish.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results