The EUR/USD is heading sideways inside a wide ranging congestion pattern. The double top pattern has a floor and ceiling that has prices bouncing off support and resistance.
The play is now heading up to the ceiling and if price continues to find selling pressure as 1.3740 approaches — the last three tops are 1.3737, 1.3726, and 1.3735 — then there will likely be another opportunity to play a short of the ceiling. If price at some point breakout beyond either support or resistance then it’s possible that a momentum play has triggered. Look to confirm any breakout with the MACD Histogram.
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