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Oct 04 - 01:55 PM

EUR/USD - Double Top Completes, Sub 1.0800 May Be Targeted

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

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