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3 Jun 2015
EUR/USD consolidates around 1.1120 after double top breakdown
FXStreet (Mumbai) - The EUR/USD pair is trading in the sideways manner around 1.1120 levels after having witnessed a double top breakdown in the European session.
EUR/USD: Resistance at 1.1132
The pair ran through offers and stop orders in the previous session to print a high in the band of 1.1185-1.1190. Another attempt was made today after the Eurozone services PMI for May printed higher than expected. However, the pair turned lower from the high of 1.1188, thereby forming a double top ahead of the European Central Bank policy decision.
The investors await the ECB policy statement, which is expected to carry an upward revision of the inflation forecasts. A minor recovery halted at 1.1132, which is the neckline of the double top formation.
EUR/USD Technical Levels
The immediate resistance is located at 1.1132, above which the pair could target 1.1164. On the flip side, a break below 1.11 could see the pair extend losses to 1.1070.
EUR/USD: Resistance at 1.1132
The pair ran through offers and stop orders in the previous session to print a high in the band of 1.1185-1.1190. Another attempt was made today after the Eurozone services PMI for May printed higher than expected. However, the pair turned lower from the high of 1.1188, thereby forming a double top ahead of the European Central Bank policy decision.
The investors await the ECB policy statement, which is expected to carry an upward revision of the inflation forecasts. A minor recovery halted at 1.1132, which is the neckline of the double top formation.
EUR/USD Technical Levels
The immediate resistance is located at 1.1132, above which the pair could target 1.1164. On the flip side, a break below 1.11 could see the pair extend losses to 1.1070.