The EURUSD currency pair is starting to exhibit signs of technical weakness after forming a double top pattern on a short time frame. This pattern often acts as a reversal signal, especially when accompanied by other confirming technical indicators. The Moving Average (MA) has also begun to flatten, indicating that upward momentum is starting to lose strength. Additionally, the Stochastic indicator has exited the overbought zone and is now trending downward, reinforcing the potential for selling pressure in the near term.
Should this pressure persist, EURUSD might test the nearest support level as an initial target for decline. A breakout below the neckline of the double top pattern could provide further confirmation that the downward trend is ready to continue.
Recommended
Recommended
Recommended
Recommended
On the 15-minute time frame, a triangle pattern is beginning to unfold in EURUSD’s movement, indicating a consolidation phase that could lead to significant moves. Within this pattern, selling pressure appears to be gradually strengthening as the Stochastic indicator shows signs of weakening by dropping from the overbought area. If the price breaks below the lower boundary of the triangle, EURUSD could continue its decline toward the next support level at 1.13050.
Technical Reference: sell while below 1.14810
Potential Stop Loss 1: 1.14520
Potential Stop Loss 2: 1.14810
Potential Take Profit 1: 1.13340
Potential Take Profit 2: 1.13050
