EURUSD (1.2408): The EURUSD was seen easing back on Friday after price action rallied to a fresh three year high. By Friday’s close, the euro currency was seen closing with a strong bearish price action alongside a potential double top pattern. In the near term, the declines could be extended to the downside towards 1.2363 – 1.2330 level. Establishing support here could offer some short term bounce to the upside. However, the euro currency will need to break past the previously posted highs for any conviction of further gains. To the downside, watch for a break below 1.2363 – 1.2330 level, as this could suggest a decline based on the daily chart’s double top pattern.
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