Positive divergence on MACD, and a double bottom

Regarding the euro, we definitely have a topping-out process going on on the daily chart, what with MACD flagging bearishness, and a possible 1-2-3 pattern in the works. We also have a support trendline on the daily that has been broken, and is now providing resistance.

Coming into today’s session, we had positive divergence on MACD, and a double bottom – at M2 on an M2/M4 day. Price then sought out M4 - the expected high for the day (M2 being the expected low). That was followed by MACD negative divergence.

See today's Chart at AM Video Review

-Peter R. Bain