In our previous analysis of the EUR/USD, we highlighted that the currency pair has been trading within a range, oscillating between support and resistance levels. Upon further examination, we have identified a bearish shark pattern with an entry point near the resistance zone. Additionally, today, we observed a divergence on the Relative Strength Index (RSI) in the H1 timeframe.
Considering these factors, we are currently anticipating a potential bearish setup for the EUR/USD. The bearish shark pattern and the divergence on the RSI suggest a possible reversal in the near future. Traders may want to closely monitor the price action and key support levels for confirmation of this bearish scenario.
As always, it is important to exercise caution and conduct thorough analysis before entering any trades. Market conditions can be unpredictable, and it is crucial to use appropriate risk management strategies. We will continue to monitor the EUR/USD and provide updates on any significant developments that could impact our bearish outlook.