EUR/USD Price Analysis: Teases double-top bearish formation below 1.2000

EUR/USD begins the week on a back foot.
50-HMA, two-week-old support line test intraday sellers ahead of confirming the bearish chart pattern.
200-HMA adds to the downside filters, bulls need clear break of 1.2000 for fresh entries.

Anil Panchal FXStreet

EUR/USD holds lower ground near 1.1975, down 0.07% intraday, following a sluggish start to the week’s trading during Monday’s Asian session. In doing so, the sellers battle 50-HMA while teasing the double-top bearish chart formation on the hourly play.

Given the recently downbeat Momentum, coupled with rejection below the 1.2000 threshold, EUR/USD may witness further pullback.

However, sellers may wait for a clear break below the 1.1950 horizontal support before taking fresh entries.

While a downside break of 1.1950 will confirm the bearish chart pattern, directing the quote towards the 1.1900 round-figure, 200-HMA and an upward sloping trend line from April 05, respectively around 1.1965 and 1.1920, add to the downside filters.

Alternatively, EUR/USD buyers should wait for a clear upside break of the 1.2000 hurdle before eyeing the mid-February lows near 1.2025 during the fresh recovery moves.

EUR/USD hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1977
Today Daily Change	-8 pips
Today Daily Change %	-0.07%
Today daily open	1.1985

Trends
Daily SMA20	1.1853
Daily SMA50	1.1963
Daily SMA100	1.2058
Daily SMA200	1.1913

Levels
Previous Daily High	1.1995
Previous Daily Low	1.195
Previous Weekly High	1.1995
Previous Weekly Low	1.1871
Previous Monthly High	1.2113
Previous Monthly Low	1.1704
Daily Fibonacci 38.2%	1.1978
Daily Fibonacci 61.8%	1.1967
Daily Pivot Point S1	1.1959
Daily Pivot Point S2	1.1933
Daily Pivot Point S3	1.1915
Daily Pivot Point R1	1.2003
Daily Pivot Point R2	1.2021
Daily Pivot Point R3	1.2047

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD clings to gains around 1.1800

EUR/USD manages to regain composure and retests the 1.1800 region in quite a positive start to the week. The pair’s bounce follows the US Dollar’s offered stance post-SCOTUS ruling ahead of important US data and Fedspeak on Tuesday.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold pops above $5,200, four-week highs

Gold is holding onto its bullish tone on Monday, reaching new multi-week highs just past the $5,200 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Ethereum Price Forecast: BitMine's holdings reach 4.42 million ETH as Fundstrat predicts 87% win-ratio

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) scooped up 51,162 ETH last week, marking its largest purchase since December.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.