The Double Top In Place, EURUSD Bears Dominate

The EURUSD pair rejected the high of November 3 at 1.1170 and started its bearish rally. After the break of the critical support at 1.1080, suggest double is in place in the EURUSD pair. Before the EURUSD index starts its free fall, we might see a retest of the broken support at 1.1080. However, a significant extension of the minor bullish correction might invalidate the double top pattern and push the EURUSD price higher towards the major resistance at 1.1170. But minor correction followed by another rejection of the resistance at 1.1080, might refuel the bears.

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On the downside, the bears are eyeing on the support level at 1.0996. From that level, the bulls might try hard to push the EURUSD index higher in the global market. But failing to regain control of the momentum, might result in a sharp fall in the EURUSD index towards the low of September 30 at 1.0880. If the EURUSD bulls manage to push through the major barrier at 1.1080, we might experience consolidation. Clearing above the 1.1170 mark might change the current bearish sentiment of this market. Based on the current technical parameters, it is safe to assume, a significant change in the EURUSD index might require a news catalyst.

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EURUSD chart, four-hour

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