EUR/USD Weekly: Double Top Signals Further Downside Potential

27 Jan

The EUR/USD weekly chart shows a clear double top formation, with the neckline already broken, indicating a potential bearish continuation.

Scenario 1:
The price could retest the broken neckline, which now acts as resistance, before resuming its downward move. This scenario aligns with the prevailing bearish trend, targeting the key support zone at 0.99810.

Scenario 2:
If the price manages to break above the resistance after retesting the neckline, it may enter a consolidation phase within the larger descending channel. However, the overall trend remains bearish unless the price breaks out of the channel.

The ultimate target for this downtrend lies in the 0.99810 region, where significant support could trigger a reaction. Traders should monitor the neckline retest and price behavior near resistance for further confirmation.

3 Feb

Dagangan aktif

the first scenario is running!