EURUSD Daily Forecast: August 17

By @ibtimes on

EURUSD Forecast

The EURUSD failed to continue its bullish momentum yesterday, unable to make a breakout above the triangle and formed a double top formation as you can see on my hourly chart below. This fact keeps price in consolidation phase. The bias is neutral in nearest term but the double top formation could trigger further bearish pullback testing 1.4300 – 1.4270 support area, even retesting the lower line of the triangle. Immediate resistance is seen around 1.4420 followed by 1.4475.  Overall there are no changes in my technical outlook and we need a clear break from the triangle to see clearer direction.

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