Following a strong move higher that breached through several areas of resistance, the EURUSD is in danger of posting a double top if it fails from current support level.
The EURUSD closed at the downtrend line of the descending wedge that has captured the low volatility of the pair for the last couple years. Today, we tested that resistance near the 1.1140 level.
The EURUSD looks set to test the 109.00 level overnight, but traders should be aware of the longer term descending wedge which has held as support since 2017.
The EURUSD found support ahead of the 161% extension of the May lows to June highs near the 1.0920 level.