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EUR/USD upward movement shows some signs of weakness after pair is struggling to make a positive retest of the previous high, presently price is forming a V shape double top pattern, which is favor of bears, previous move shows that bulls haven’t gathered many power for upward extend towards key 1.3400 resistance level, and this cuts the sing for reversal towards deeper correction. Our intraday bias is on down side after price broke is making a sustain trade below crucial 1.3147 support level, that could lead to a reversal towards a deep correction. On the upside, price needs a to overcome 1.3222 level and make a consistent trade above, if price break above 1.3382 this would flip back again bias to bullish. Only sustain trade above that level would send EUR/USD to 1.3498 level.
On down side, price is forming a flag pattern on big charts. Only sustain trade below 1.3147 level is in favor of down move towards test of 1.3056 low. Further decline would be seen after positive break below key support level. Sustain trade below it would bring further decline in price towards 1.2560 support level.
Daily Pivots: Pivot Point – 1.3186, 1st Support – 1.3154, 1st Resistance – 1.3230
