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Watch the video for a summary of today’s news releases, a review of the USD Index, and complete Top Down Analysis of the EURUSD.
Weekly support at 1.1704, resistance at 1.2243.
On the weekly chart we are seeing the formation of a double top pattern. Price has now had a two week decline after failing at the 1.2243 weekly resistance high.
Last week price closed on its low suggesting a continued decline this week.
Daily support at 1.2104, 1.2051, and 1.1986, resistance at 1.2218.
Price is in a clear downtrend showing two lower tops and lower bottoms. The 1.2200 level is now acting as strong resistance for this pair.
A clear break of the 1.2100 level would open up a move to 1.1986 which previously acted as a strong resistance and then support area.
1.1704 weekly support remains a long term target for the weekly double top pattern.
See my previous EURUSD analysis on 25.5.21 where I discussed the possibility of a weekly double top pattern forming and selling at the 1.2200 level for a long term decline.
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