Home Daily Analysis Charts / Trade Ideas EUR/GBP: Confirmed ‘Double Top’ Pattern Pushing Pair Lower

EUR/GBP: Confirmed ‘Double Top’ Pattern Pushing Pair Lower

67
0

The EUR/GBP could end with losses for the third day, as the pair closed yesterday below 0.8636 yesterday, confirming a bearish doji reversal. The pair had created a long-tailed doji candle on Tuesday.
For now, we can see there’s a ‘Double Top’ pattern, which has been confirmed, so the price moved lower. The 89 Moving Average is acting as support, but we’ve got a bearish ‘Flag’.

R3: 0.8748
R2: 0.87
R1: 0.8673
Key Trading Level: 0.8652
S1: 0.8625
S2: 0.8603
S3: 0.8555

In this case, we’re likely going to have a local upward correction towards 0.8648 – 0.8658 and the subsequent decline in the direction of the next support at 0.8616 – 0.8598.

LEAVE A REPLY

Please enter your comment!
Please enter your name here