EURO/USD made a high around 1.4229 last week to retest its previous yearly high area.

Even though the price didn’t exceed 1.4275 the previous high level, the upside momentum was triggered. The price may carry further to continue up against the top uptrend line around 1.4409 area before it starts to make a major correction.

But we don’t rule out the possibility of a double top pattern acting as a strong resistance level and preventing the price from advancing.

Especially with ther US$ being in an extremely oversold condition, Euro could move under 1.3975 line to retest first key support area 1.38.