Downtrend Confirmed, Double Top

Having recently explained our new 5-phase trend evaluation method and having identified the start of phase 3 breakout and re-test for EURUSD. This means we are expecting the market to re-test the MA’s i.e. 50 SMA or 100 SMA and continue breaking lower as the trend reaches the maturation phase. For now, this means that a re-test of the area near the 50 SMA @ 1.188 is a very possible scenario followed by more breakouts lower and more re-tests of the 50 SMA. Since we are also seeing a possible large scale double top formation in place we expect this to possibly be the start of a downtrend with a target of at least somewhere near 1.120 and the Yearly S1 @ 1.112