EUR/USD: Euro Logs Sixth Winning Session in a Row. A Double Top Could Test Upside Swing.

Currency pair’s updraft might be challenged by a looming double top formation. Bulls want to take it higher? Break $1.0530.

🙈 Six Days of Gains

• The EURUSD pair extended its short-term rise for the sixth consecutive day on Monday with the exchange rate going to $1.0485. Early Tuesday, however, that advance was gone and the pair was looking grumpy and ready to give it up.
• Forex traders weren’t too excited to buy in and support the rally to higher grounds. And if they wanted to, they should be ready to face a mid-term resistance level with a potential technical formation in play.

🌄 Double Top in the Works?

• Sitting at $1.0530 is a recent high made by the euro-dollar pair. And if bulls want to keep churning out those green pips, they should regroup and break that threshold, acting as a potential double top. There’s also the bears’ camp lurking in the distance and ready to throw down the gauntlet.
• On the positive side for the upside believers, the European currency appears to be showing signs of life recently. It’s up about 2.7% from its two-year low under $1.02 hit at the start of the year.

🌟 What’s Going on This Week?

• That gain isn’t so much about the euro’s strength as it is about the dollar’s weakness. The greenback has been rattled by tariff uncertainty now that President Trump is weighing punishing tax charges on long-term allies, including China, Europe, Canada and Mexico. New announcements on these are expected this week.
• What else is going on? It’s a fairly quiet economic calendar with the thunder on deck for Wednesday. That’s when the Federal Reserve will release its minutes from officials’ meeting three weeks ago. Back then, Jay Powell and his clique of central bankers kept rates flat.