1.13478 top level was reached after a sharp bull trend. Prices settled on a resistance zone and were subjected to a bear pressure. After a strong reversal signal on June 12th, the odds of a bear trend became higher.
Possible targets : @1.12000 (+75pips) and @1.11200 (+150 pips).
Advice : Stay bearish and sell at any high point while we don't break the resistance zone or 1.13478 top level.
Correlated pairs : USDCAD (-87.8%) and XAUUSD (62.5%). We are more likely to experience a strong bull spike with the USDCAD while a minor effect on the XAUUSD .
Previous view: Odds of a bear continuation are high, stay bearish and sell at any high points while we don't break the resistance zone or 1.13478 top level.
Actual outcome: Prices were side ways with a test of the strong institutional level 1.12000 and forming a daily doji bar. Likewise bulls attempt to reverse the trend failed
Actual view: Prices are still subjected to a bear pressure. Odds of a bull trend continuation are high.
Possible targets : @1.12000(+20pips) and @1.11400 (+80pips).
Advice : Stay bearish and sell at any high point while we don't break the 1.12600 top level.
Correlated pairs : USDCAD (-87.8%) and XAUUSD (62.5%). USDCAD is still on a very strong bull spike, confirming that there are more odds for the EURUSD to continue its downtrend.