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EURUSD: Double bottom on the intraday chart

The 1.1272 level holds twice

The EURUSD has a double bottom on the intraday 5 minute chart. The low? 1.12718.

I don't see anything significant about the level but with a double bottom it increases the levels importance going forward.

Is the selling over?

Probably not. The pair today broke below the 1.1333 low. The price also fell below the April 6th low of 1.1326 which was a quick peek below the 1.1333 level. The corrective high in the NY session got to 1.1325. Those things are important to me. So I expect that there should be sellers on moves higher.

Where?

The 1.13039 is the 50% of the move up from the March 24 low. A move up toward that level should find sellers at least on the first look. IF it holds and the downside seen in trading can restart, we know the double bottom that has to be broken....

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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