EURUSD Double Bottom Pattern In The Making

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The euro was back near the 1.1261 level on Tuesday. But prices failed to make any major gains beyond this level.

As a result, we have a double bottom pattern near the 1.1192 level. If there is a successful breakout, we expect the gains to push the euro back to the 23 June highs near 1.1347, with a possible move even higher.

But for now, the bias remains mixed. If the euro loses the 1.1192 handle, we expect a drop toward the previous lows at 1.1171 followed by a test of 1.1132 level of support.

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