The EUR/USD rallied up to a resistance level at the 1.2320 level and formed a double top reversal pattern on the hourly chart. It has now broken down and has re-entered the former rising channel. It will probably continue to fall to support from the lower channel line at 1.2200. If there is a recovery, then it could reach the pivot at 1.2275 before probably rolling over and continuing lower.
Written by Forex4you