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Keep an eye on the EUR/USD resistance levels – Vladimir Mihaylov

FXStreet (Barcelona) - Independent Analyst Vladimir Mihaylov, observes the formation of a double bottom in the EUR/USD pair and sees an upside recovery to 1.2620 levels if the formation is confirmed post a break above 1.2465 levels.

Key Quotes

“EUR dropped heavily again last Friday following mr.Draghi's speech. It reached 1.2360 again and currently has formed a 'double bottom' formation.”

“However this formation is still unconfirmed. I will consider it confirmed once the price breaks above 1.2465.”

“On double bottom confirmation we shall have a signal for a powerful profit taking and upside recovery to 1.2620. Once above it the upside will continue to 1.2740. For now first strong resistance comes at 1.2470, followed by 1.2510.”

“If the upside recovery fails at either of these bears will take control again. Daily, Weekly and Monthly indicators are bearish, possible target for them is 1.2220 and 1.2160, finally 1.2090.”

“On the other side are H1 and H4, for now they are bullish and show that an upside recovery is going on. You have to watch the resistance levels for now.”

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