EURUSD is currently in a corrective phase with an ABC corrective pattern. As shown in the chart above, the price has formed an ascending channel from the major impulsive wave (I) at 1.0934 to the end of the major impulsive wave (V) at 1.1076, indicating a bearish reversal.
Again, this pair has formed a double top at 1.0983, which confirms its bearishness. Again, this pair has also formed a triple-top pattern which is a bearish reversal pattern at 1.0983. As a result, the price is likely to drop to 1.0808. You can place sell orders now with your profit target at profit at 1.0808 and a stop loss at 1.0934.
Origin: FreshForex
