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EUR/USD - Double Bottom in the 1H Chart

Memorial Day trading has not been much different from any others. There were some moves in the EUR/USD coming off a low around 1.3610. 


(eurusd 1h chart)

In the 1H chart, we see that traders put in a double bottom to begin the week. If EUR/USD can clear 1.3650 and push the 1H RSI above 70, we are in a bullish correction against a prevailing downswing. 

The upside risk is limited because of the prevailing wind, and there is resistance in the 1.3685-90 area, 200-hour SMA and a previous resistance. If there has not been a change to the short-term trend, traders should be looking to sell off the current rally attempt.

To the downside, 1.36 remains the level to break to open up further bearish outlook towards the 2014-low around 1.3475.