Has EURUSD topped out?


On Monday, the EURUSD pair was trading 0.30% weaker during the US session, seen near 1.1750, at daily lows. 

It looks like bulls are exhausted, and a correction might occur soon. 

On the four-hour chart, there is an obvious double top pattern, which is a reversal formation. The resistance of this pattern is near 1.19. As long as the pair remains below this level, the short-term outlook could be bearish.

The support of this formation seems to be near 1.17. Thus the full potential is circa 200 pips. Therefore, if the EURUSD pair drops below 1.17, bears might try to push the euro toward the psychological 1.15 level. 

Alternatively, if this scenario fails to happen, the intraday resistance should be at 1.18, and if the pair rises above this level, we could see a rally toward 1.19.

Should the pair break above the 1.19 resistance, this formation would be invalidated, and the euro might strengthen to 1.20.
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