As I have mentioned in my latest trade idea of last week, I predict a bearish EURUSD.
Our first target is 1.20900. We have bullish shark pattern which would be completed at 1.20900. New visitors of our website may check the previous EURUSD ideas to read the idea.
Several times I have written that there is no fundamental reason for stronger EURO until September. I predict EURUSD test 1.19000-1.17000 interval before a new bullish rally.
Anyway, let us take a look at the matter from the technical point of view.
Daily Chart:
The pair ended the week below EMA 50, in the lower BB. 1.22680 is the first weak support. The stronger support takes place at 1.22000 where EMA 100 and MM 0/8 are located. The breakout of this level will trigger the stronger bearish move. Weekly ATR indicates 190 pips potential move.
H4 Chart:
Price is below EMA 50,100 and 200. The good news for the Bears is RSI has more downside room.