A move lower is likely after a breakout lower from the wedge formation. The level to be interested in on the downside is 1.0362. Will this be the turnaround point? It could be, as we expect a very bullish medium term move to happen soon. We posted a long term EURUSD chart a while ago that shows were are in a long term critical area that will determine a longer term bullish or bearish move next, and at this point we do not see a decisive break lower, which means we favor a reversal.
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Nice spike higher to short. Still bearish here....
Trade closed: target reached
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Price action drops to hit our target level at 1.0362.