Double Top Pattern Spotted on EUR/USD
On the EUR/USD chart, I predict a double top pattern will form. The first peak appeared in late September and the second peak is currently being established. The similarity between the two peaks, along with their nearly equal heights, is a sign of potential weakness in buying pressure.
The “neck” of the pattern, or key support, is located at 1.08776, which is the lowest point between the two peaks. If the price breaks this level, I expect a sharper decline, possibly taking the price down to the next support level around the 1.08000 area.
The “neck” of the pattern, or key support, is located at 1.08776, which is the lowest point between the two peaks. If the price breaks this level, I expect a sharper decline, possibly taking the price down to the next support level around the 1.08000 area.
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