EUR/USD Price Analysis: Double top on the daily chart

EUR/USD retreats to 1.1735, having faced rejection above 1.19 last Thursday.
The pair failed to keep gains above 1.19 on July 31.
Daily chart now shows a double top pattern with neckline at 1.1696.

Omkar Godbole FXStreet Contributor

EUR/USD looks to have formed a double top bearish reversal pattern on the daily chart with the neckline support at 1.1696 (Aug. 3 low).

A daily close below that level would confirm the double top breakdown and create room for a sell-off to 1.1475 (target as per the measured height method).

At press time, the pair is sidelined near 1.1735, having declined for the second straight trading day on Monday.

A move to the double top necklines support at 1.1696 looks likely with the recent candlestick arrangement signaling a bullish-to-bearish trend change and bearish divergences of the the 14-day relative strength index and the slow stochastic.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1735
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.1738

Trends
Daily SMA20	1.1657
Daily SMA50	1.1425
Daily SMA100	1.1165
Daily SMA200	1.1109

Levels
Previous Daily High	1.1801
Previous Daily Low	1.1736
Previous Weekly High	1.1916
Previous Weekly Low	1.1696
Previous Monthly High	1.1909
Previous Monthly Low	1.1185
Daily Fibonacci 38.2%	1.1761
Daily Fibonacci 61.8%	1.1776
Daily Pivot Point S1	1.1716
Daily Pivot Point S2	1.1694
Daily Pivot Point S3	1.1651
Daily Pivot Point R1	1.178
Daily Pivot Point R2	1.1823
Daily Pivot Point R3	1.1845

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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