Double Bottom Pattern at Two-Year Low, EURUSD Likely to Rise

The EURUSD is currently close to its lowest level in two years after a sharp decline last Wednesday. On the 1-hour chart, the EURUSD appears to be forming a Double Bottom pattern, indicating a potential upward movement.

The neckline of this pattern is around 1.04150, which serves as the primary target for the upside.

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On the 15-minute chart, the Stochastic indicator is currently in the overbought zone. This could trigger a short-term decline for the EURUSD. However, such a drop might present a buying opportunity with a more favorable risk-reward ratio.

As long as it does not breach below 1.03400, the EURUSD still holds potential for an upward trend with a target at 1.04150.

Technical Reference: buy as long as above 1.03400
Potential Take Profit 1: 1.04150
Potential Take Profit 2: 1.04500
Potential Stop Loss 1: 1.03400
Potential Stop Loss 2: 1.03100