By Christopher Romano — Oct 04 - 12:00 PM
Numerous rallies above 1.1200 during August & September were short lived
No daily closes above 1.1200 were made during that period as well
Today EUR/USD broke September's low & the psychological 1.1000 level
That move confirmed that EUR/USD completed a double top pattern
Completion of the pattern suggests EUR/USD may test 1.0775-1.0800 support
That target is the measured move from the daily highs to September's low
Falling daily, monthly RSIs imply downward momentum is now in place
Move below the daily cloud top & 5-, 21- & 55-DMAs reinforce bearish signals
For more click on FXBUZ
Source:
Refinitiv IFR Research/Market Commentary