EUR/USD – Potential Reversal In The Making
JUN 18, 2021
- EUR/USD fails to hold above three-year high
- Double Top pattern in EUR/USD (W1)
Chart 1: EUR/USD W1 chart
EUR/USD traded at the three-year high level at the beginning of this year but failed to hold above due to the spike in the number of COVID cases and the sluggish vaccination programme in the eurozone. Recently, EUR/USD traded up to that level but once again failed to hold on due to the strong USD caused by the hawkish Fed meeting yesterday. As a result, a Double Top pattern is forming in progress in the EUR/USD (W1) chart.
At the moment, our technical indicators are starting to show signs of a downward momentum. With the USD going strong right now, look for selling opportunities of EUR/USD if it breaks below the neckline.
Double Top Setup for EUR/USD (W1)
Sell Stop order at 1.16700
Upcoming major news that may impact price movement of EUR/USD
21 June – European Central Bank President Lagarde testifying at 2215 (GMT+8)
23 June – Federal Reserve Chairman Powell testifying at 0200 (GMT+8)
23 June – French flash PMI data release at 1515 (GMT+8)
23 June – German flash PMI data release at 1530 (GMT+8)
23 June – Eurozone flash PMI data release at 1600 (GMT+8)
23 June – U.S. flash PMI data release at 2145 (GMT+8)
24 June – German ifo Business Climate data release at 1600 (GMT+8)
24 June – U.S. final GDP q/q data release at 2030 (GMT+8)
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