EUR/USD Technical Analysis – H1
EUR/USD on the H1 timeframe has symbolically refreshed its high, only for buyers to lose steam. A potential Double Top and break of the local trend line now open the way for a move toward 1.1450.
The pair symbolically updated its extreme, after which the bulls lost momentum. This may lead to the formation of a “Double Top” reversal pattern and a break of the local trend line. In that case, a decline toward the 1.1450 area becomes possible.
Key Levels:
□ 1.1600 (resistance)
□ 1.1500 (intermediate support)
□ 1.1450 (key support)
Primary Scenario:
Decline toward 1.1500 and 1.1450.
Alternative Scenario:
Continuation of the upward move toward 1.1600.
Analyst Commentary:
Confirmation is preferable for either scenario — ideally in the form of clear bearish or bullish momentum on one of the impulse candles.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.