Double Top Pattern Formation Indicates Potential Decline for EURUSD

The EURUSD currency pair has formed a Double Top pattern on the hourly chart, breaching the Neckline around the level of 1.10150. This confirmed breakout signals potential for further downward movement.

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On the 15-minute chart, the Stochastic indicator is currently in the oversold territory, suggesting a possibility for a rebound. However, as long as the price remains below the resistance level of 1.10800, the EURUSD pair still has the potential to drop further.

Technical Reference: sell while below 1.10400
Potential Take Profit 1: 1.09600
Potential Take Profit 2: 1.09200
Potential Stop Loss 1: 1.10400
Potential Stop Loss 2: 1.10700