Thursday’s Technical Analysis: EUR/USD

The 1 hr chart of the EUR/USD shows that it may have formed a near-term Double Top at 1.0965.

This augurs more price weakness and may see the world’s most heavily traded FX pair break below May’s low and Key support at 1.0820 before heading further South in the weeks ahead.

So, the Key marks to watch are 1.0965 on the Northside and 1.0820 on the Southside, a break outside of this range could lead to a sharp move in either direction.

As the daily shows,  EUR/USD has been trending lower in recent weeks.

The trend is Bearish for EUR/USD, which has now made 2 lower highs and Thursday it could make another.

The 61.8% Fibo retracement of the rally from the March low is 1.10845 this makes 1.0820/45 a Key support zone. Meaning a closing or decisive break below it could see the remaining Bulls exit positions leading follow-up technical selling.

The momentum indicator MACD is trending lower and is below Zero, the Bears look to be in control.

If the 1.0820/45 support zone breaks, the next is at the 78.6% Fibo retracement at 1.0675, then the March low at just above 1.0460, then parity at 1.0000

The Resistance comes in at 1.0965, then at 1.0980.

The short-term bias stay Bearish for as long as the sellers defend the Southward-sloping trend line. If it is broken, then see sharp short-squeeze rally. That’s remote .