EUR/USD creates a double-top at 1.1350, eyes focus on 1.12 support

EUR/USD is losing -0.23% to 1.1225 as the pair remains exposed to further downside risks, with eyes set on the 1.1200 level, after forming a double-top at 1.350, FXStreet’s analyst Yohay Elam reports. 

Key quotes

“The EUR/USD pair has been sliding back down alongside the downtrend support line – that previously served as resistance. On its way down it has dipped below the 50 and 200 Simple Moving Average on the 4-hour chart. While momentum remains to the upside, EUR/USD failed to break above 1.1350, creating a double-top.”

“Support awaits at the round 1.12 level, which worked as support last week. It is followed by 1.1170, the previous week's low. Further down, the next noteworthy cushion is only at 1.1075, levels seen in early June. ” 

“Resistance awaits at 1.1260, a temporary cap last week. It is followed by 1.1290, another swing high, and then by the mighty 1.1350.”