EUR/USD Formed a Double Top

EUR/USD formed a large 200-pips gap after the market opened on Monday and recovered it only partially before moving to the upside again, forming a new high at 1.0950. It appears, however, that the move to the upside is over at least for now, because the pair formed a double top on the one-hour time-frame at that same 1.0950 level, as well as a spinning top candlestick on the four-hour time-frame and started moving to the downside. Currently the pair is still quite bearish and the move to the downside will likely continue towards the support at 1.0850, which coincides with the (MA)89 indicator on the one-hour time-frame. A breakout below that level could lead to another attempt for the pair to recover the gap.