A possible double bottom has formed in the EURUSD.

The EURUSD is at risk of a double bottom being formed since the 1.1110 level held as support once again. The quick reversal left an outside day and hammer candle formation which may suggest higher for tomorrow. Bears will be watching the 1.1260 level horizontal resistance, if that breaks the risk of breaking higher out of the longer term descending wedge is quite possible. Also to note, the RSI has been divergent for the last two months.


Blake Morrow