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EUR/USD: pulling-back to area of support; signs of broader reversal

   
EUR/USD broke above the neckline of a double bottom, reached the minimum expected target at the 61.8% extrapolation of the height of the pattern, at roughly 1.1315, and has now pulled-back down again to the 1.1150s.

If the pair moves all the way down to the neckline at 1.1030 there is a possibility this could provide an area of support from which it could launch a resumption higher, however, it has not fallen all the way down to that level yet.

As I have said before, higher time-frames indicate that there may be a reversal of the broader down-trend occurring. For example on the monthly chart there is a 2-bar reversal on an area of major support whilst the daily is showing a double bottom.
EURUSD11

   
EUR/USD broke above the neckline of a double bottom, reached the minimum expected target at the 61.8% extrapolation of the height of the pattern, at roughly 1.1315, and has now pulled-back down again to the 1.1150s.

If the pair moves all the way down to the neckline at 1.1030 there is a possibility this could provide an area of support from which it could launch a resumption higher, however, it has not fallen all the way down to that level yet.

As I have said before, higher time-frames indicate that there may be a reversal of the broader down-trend occurring. For example on the monthly chart there is a 2-bar reversal on an area of major support whilst the daily is showing a double bottom.
EURUSD11



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