Description
⋅ It's been close to 5 months since EURUSD embarked on a downtrend.
The current market conditions favour a bear market both fundamentally and technically.
On the technical aspect, the price is trading well below all moving averages where all of the fast MAs are below their slow MAs respectively.
The price is now less than a hundred pips from the FR50% level and right underneath is a 15-month demand zone, followed by the golden ratio.
Therefore, the current trading plan should be more accommodative towards selling, with 1.1680 - 1.1710 as the best supply level for entry.
Stay tuned for more daily trading ideas on EURUSD in the coming week!