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EURJPY is heading to the Double Top's Neckline!

Friday, October 27, 2017 9:19 AM GMT

Most of EURO correlated pairs are under a heavy selling pressure due to ECB’s announcements yesterday. EURJPY failed to close above the latest major Swing High and it finally forms a Double Top pattern. It is currently heading to the neckline of the pattern and we may call it as a make or break zone. We are expecting two scenarios. Either, it will activate the pattern or it will continue moving sideways.

Daily

Reviewing the H4 TF, we have noted how the pair played nicely with the 200 SMA.

H4

Heading to the hourly TF, we have noted few potential levels of interest where traders may find decent intraday trade setups. Naturally, the bias is strongly bearish.

Hourly

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