EURUSD: Strengthening On A Double Bottom Pattern

EURUSD: Although the pair is trying to bottom out, it will have to break and hold above the 1.3073 level to confirm its double bottom pattern now in place. This will open the door for a run at the 1.3171 levels. Above here will resume its broader uptrend towards the 1.3282 level where a violation will call for a move further higher towards its weekly ema at 1.3415 level. Conversely, except this scenario plays out, the risk of a return to the 1.2824 level cannot be ruled out. This level is key as a break and hold below here could push EUR deeper towards the 1.2755 level. We expect a cap to occur here and possibly turn the pair higher again. If broken, expect further declines to develop towards the 1.2625 level. All in all, EUR faces further upside threats.