A head of this week's ECB meeting we see the formation of a double top. This is a bearish formation. The volume has been declining from each top. Granted FX volume is not a perfect; however, it is still evidence in favor of this formation. The tops have bounced off the 200MAs as well. Both times the price action could not break through.
One last note, this Double top is part of a right shoulder formation on very clear Head and Should on the daily. All is looking very bearish for EURUSD. The ECB meeting later this week could provide the catalyst.
One last note, this Double top is part of a right shoulder formation on very clear Head and Should on the daily. All is looking very bearish for EURUSD. The ECB meeting later this week could provide the catalyst.