Following our previous idea published 3 days ago, the DOUBLE TOP pattern has indeed reached the expected target at 1.1130! Within 3 days, EURUSD has dropped over 200 pips making great gains! The reason for this fast drop was mainly due to 2 main things:
1. Fundamentals and the current situation in Europe created fear for investors and traders. With fear, many traders and investors have moved their capital in the European markets to the Safe havens, significantly selling EUR for USD. Thus, the increased demand for changing EUR for USD created a very strong BEARISH momentum. Other than the EUR, many European currencies such as CHF, HUF, PLN, GBP, NOK, and SEK lost value against the US dollar.
2. Technicals, supported by our previous analysis and the formation of a DOUBLE Top.
What's next for EURUSD?
We see a Support zone near 1.1000 and Solid support at around 1.0000, thus, before we take any side we should see how the market reacts to the next levels.
If you like our analysis and would like more tutorials on Fundamental and technical analysis, please like and follow us for more!
Our previous tutorial which explains in detail DOUBLE TOPs and their structure is included at the bottom of this page.
1. Fundamentals and the current situation in Europe created fear for investors and traders. With fear, many traders and investors have moved their capital in the European markets to the Safe havens, significantly selling EUR for USD. Thus, the increased demand for changing EUR for USD created a very strong BEARISH momentum. Other than the EUR, many European currencies such as CHF, HUF, PLN, GBP, NOK, and SEK lost value against the US dollar.
2. Technicals, supported by our previous analysis and the formation of a DOUBLE Top.
What's next for EURUSD?
We see a Support zone near 1.1000 and Solid support at around 1.0000, thus, before we take any side we should see how the market reacts to the next levels.
If you like our analysis and would like more tutorials on Fundamental and technical analysis, please like and follow us for more!
Our previous tutorial which explains in detail DOUBLE TOPs and their structure is included at the bottom of this page.
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