EU is still considering in a downtrend, looking for a entry on a pullback trading in the direction of the trend.
The chart is showing both hidden and regular bearish divergences and we see resistance with price not being able to break a 113% fib level with a bearish shark pattern. The 113% is the completion point of the advanced shark pattern formation.
We have a horizontal line plotted on the chart highlighting the previous support sitting at 1.09, a very psychological level. Usually when these levels are broken price tends to find resistance trading up to these levels again. 1.09 can therefor be anticipated as major resistance level.
On the latest charts we have shared on EU we still have a bearish pattern in play, and I am expecting price to test the previous lows and possibly shower lower lows on the daily charts.
Goodluck to all trading EURUSD!!
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5 minute chart showing a head and shoulders pattern:
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Broke the PRZ, no significant reaction from these levels. Let me remind you that these current prices are close to 50% retracement of the previous bull run