The EUR/USD pair lost ground in intraday levels and leaned on the pivotal support of $1.0820, representing the neckline of a negative technical pattern that formed in the short term, the Double Top pattern, with negative pressures mounting as the price continues to trade below the 50-candle SMA, while hurt by piercing the secondary upward trend line previously.
Even as pressures mount, the Stochastic is sending out positive signals while not reaching oversold levels that were reached with the pair’s latest bottom, raising the probability of a positive divergence that might push the price towards a partial upward correction to recoup some losses.
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