This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
The euro kicked off the week on a bullish note, gapping higher.
The bullish momentum managed to push price back to briefly test the Dec 4 highs near 1.2177.
However, the common currency gave back the gains rather briefly.
As a result, we now have a possible double top pattern.
However, a lot will have to be seen as the trend line continues to act as a dynamic support.
As long as this trend line holds, the EURUSD still has scope to the upside.
But a break down from the trend line will accelerate the declines and could possibly see the double top pattern playing out.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.