Double Bottom Formation at a Two-Year Low, EURUSD May Rise

The EURUSD is currently hovering near its lowest point in the past two years following a sharp decline last Wednesday. On the 1-hour chart, a Double Bottom pattern is forming, indicating potential for an upward movement.

The neckline of this pattern is positioned around 1.04150, which serves as the first target for a possible increase.

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On the 15-minute chart, the Stochastic indicator is in the overbought zone. This may lead to a temporary drop in the EURUSD. However, this decline could present a buying opportunity with a more favorable risk-reward ratio.

As long as the price stays above 1.03400, there remains potential for the EURUSD to rise, targeting 1.04150.

Technical reference: buy while 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