Market news
31.03.2023, 21:41

EUR/USD Price Analysis: Drops below 1.09 as double top forms, threatening to negate a triple bottom

  • A triple bottom in the EUR/USD daily chart remains in play but at a brisk of being negated.
  • EUR/USD’s price action during the last couple of weeks created a double top, which could shift the pair’s bias.

The Euro (EUR) drops from around weekly highs of 1.0925 on a buoyant US Dollar (USD) and on buyers’ failure to crack the YTD high at 1.0929. Nevertheless, a triple bottom in the daily chart is intact, at the brisk of being negated. At the time of writing, the EUR/USD is trading at 1.0842.

EUR/USD Price action

Failure to hold prices above the 1.0900 figure has exposed the EUR/USD to further selling pressure. A triple bottom in the daily chart remains in play. But, the upward movement was capped at around March’s 23 high of 1.0929, ahead of testing 1.1000.

For a bullish resumption, EUR/USD buyers must reclaim 1.0900, followed by 1.0929. Break above will expose the 1.1000 figure, followed by the YTD high at 1.1032.

Another scenario has developed in the last couple of weeks. Albeit a “triple bottom” is in place, the formation of a double top emerged. Hence, if the EUR/USD continues to dive further and achieves a daily close below the March 24 swing low of 1.0713, it would pave the way to test 1.0500.

Backing up the latter scenario are oscillators. The Relative Strength Index (RSI), although at bullish territory, its slope turned downwards, while the Rate of Change (RoC) shifted neutral.

EUR/USD Daily chart

EUR/USD Daily chart

EUR/USD Technical levels


© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at

Live Chat E-mail
Choose your language / location