EUR/USD Weekly: Double Top Signals Further Downside Potential
The EUR/USD weekly chart shows a clear double top formation, with the neckline already broken, indicating a potential bearish continuation.
Scenario 1:
The price could retest the broken neckline, which now acts as resistance, before resuming its downward move. This scenario aligns with the prevailing bearish trend, targeting the key support zone at 0.99810.
Scenario 2:
If the price manages to break above the resistance after retesting the neckline, it may enter a consolidation phase within the larger descending channel. However, the overall trend remains bearish unless the price breaks out of the channel.
The ultimate target for this downtrend lies in the 0.99810 region, where significant support could trigger a reaction. Traders should monitor the neckline retest and price behavior near resistance for further confirmation.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-