Double Bottom Formation at Two-Year Lows, EURUSD May Rise

The EURUSD is currently hovering near its lowest levels in two years after experiencing a sharp decline last Wednesday. On the 1-hour chart, a Double Bottom pattern is apparent, suggesting a potential upward movement.

The neckline of this pattern is located around 1.04150, which serves as the first target for an upward move.

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

As long as it does not break below 1.03400, the EURUSD still holds the potential to rise, targeting 1.04150.

Technical reference: buy as long as it stays 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