EU Bearish

FX:EURUSD   Euro / U.S. Dollar
40 0 0
After price failed to reach monthly Res @ 1.15 we saw a nice decline, with a break of the Weekly TL.

Price action currently sits at Daily support @ 1.1

I am remaining bearish on this pair however. the Weekly close formed a bearish engulfing which swallows 9 candles. The MA's are indicating possible downside crossover, whilst the Daily has crossed over.

I am anticipating a small rally off of the daily support level . With a break and retest as shown on the chart.
This scenario isn't likely to play out as cleanly as I have predicted but I am expecting very similar movement in price, as my long-term bias is to the downside targeting monthly support @ 1.0665

Happy Trading!
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