EUR/USD Weekly: Double Top Signals Further Downside Potential
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.
Trade active
the first scenario is running!
👉 my broker:: bit.ly/HYMCMELI
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.