The recent bullish movement of the EUR/USD pair ceased to be dominant since August 28.
Lack of enough bullish momentum is demonstrated on the chart so that recent movement has turned into sideways consolidations.
Earlier today, obvious bearish rejection was demonstrated around 1.1717. This allowed the current double-top reversal pattern to be demonstrated on the H1 chart.
This would enhance the short-term bearish scenario for the EUR/USD pair. Intraday bearish target levels would be located around 1.1670, 1.1640 and eventually 1.1615 ( lower limit of the channel ).
However, conservative traders should wait for bearish closure below 1.1670 (channel's mid-range and neckline of the reversal pattern) as a valid SELL signal. T/P levels should be located around 1.1640 and 1.1615.
The material has been provided by InstaForex Company - www.instaforex.com