EUR/USD Faces Deep Decline Risk After Double Top Formation
The EUR/USD chart shows a double top formation, a clear signal that the downtrend could continue.
Currently, the price is hovering around $1.10285, a critical support level. If it fails to hold, the downtrend will likely persist, potentially driving the price lower towards the next support levels at $1.09062.
Notably, the two take-profit points (TP1 and TP2) on the chart indicate the levels where traders secured gains before the price faced heavy selling pressure. The bears are in control, and if the support at $1.10264 breaks, there’s a high probability of the price correcting further downward.
The 34 and 89 EMA lines are currently above the price, adding to the downward pressure. This suggests that the bullish momentum has weakened, and the buyers have limited chances to reverse the trend unless supported by external factors like economic news from the US.
Currently, the price is hovering around $1.10285, a critical support level. If it fails to hold, the downtrend will likely persist, potentially driving the price lower towards the next support levels at $1.09062.
Notably, the two take-profit points (TP1 and TP2) on the chart indicate the levels where traders secured gains before the price faced heavy selling pressure. The bears are in control, and if the support at $1.10264 breaks, there’s a high probability of the price correcting further downward.
The 34 and 89 EMA lines are currently above the price, adding to the downward pressure. This suggests that the bullish momentum has weakened, and the buyers have limited chances to reverse the trend unless supported by external factors like economic news from the US.
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