EURUSD POTENTIAL DOUBLE BOTTOM
The euro is trading back towards the psychological 1.1500 level against the US dollar after sellers failed to hold price below critical support on Monday. The EURUSD pair may have formed a bullish double-bottom pattern, hinting that price could now start to correct higher. Intraday buyers need to move price above the 1.1553 resistance level, while sellers will need to break the current weekly trading low.
The EURUSD pair is intraday bearish while trading below the 1.1500 level, key technical support is now found at the 1.1456 and 1.1405 levels.
If the EURUSD buyers move price above the 1.1500 level, key resistance is found at the 1.1553 and 1.1600 levels.