EURUSD Short Term Long Weekly, Daily & 4hr BREAKDOWN.

EURUSD SHORT THESIS
• Weekly: This pair just like GBPUSD is in a strong bearish trend forming a very bearish lower low with price falling to 1.1300 rejecting off it and retracing up to 1.1850 weekly resistance. Another reason I believe this is bearish is because price is currently below both moving averages and is constantly respecting and rejecting off it. I do now expect price to fall and revisit 1.1300 weekly support.

• Daily: On the daily timeframe price is showing Lower highs (LH) & Lower lows with price forming its most recent low at 1.1343 support after breaking 1.1450 daily support. It looks like bearish momentum is slowing down with how the candles are beginning to form. However, I still do expect price to retest 1.1450 + 0.382 Fibonacci level as support turn resistance and continue to the downside to 1.1300 weekly support.

• 4hr: For now, a short term long trade is on the cards after price rejected off 1.1343 support. After rejection a bullish engulfing candle was formed and broke through 1.1380 daily resistance. I now expect price to retest 1.1380 as daily support then rally up to 1.1450 daily resistance + 0.382 Fibonacci level before going short to 1.1300 weekly support.

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