EurUsd -> Initiating The Reversal

FX:EURUSD   Euro / U.S. Dollar
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welcome to this free and educational multi-timeframe technical analysis.

On the weekly timeframe you can see that EurUsd is currently approaching a quite obvious previous weekly support area at the $1.065 level which is acting as support again.
You can also see that weekly moving averages and market structure is still bullish, EurUsd is also retesting the lower support of a rising parallel channel so I simply do expect some consolidation at the current level and then a rejection away towards the upside.

On the daily timeframe you can see that EurUsd is still creating bearish market structure but it seems like there is support at the $1.07 level so I am now just waiting for a break above the next resistance at $1.077 and then I do expect a rally towards the upside from there.

Thank you for watching and I will see you tomorrow!

You can also check out my previous analysis of this asset:

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