EUR/USD: get ready for bearish continuations! When to short?
Looking at the H4 timeframe graph of EUR/USD, it can be inferred that the middle-term sentiment of the market is currently bearish. The price has successfully penetrated the lower boundary of the descending channel that is portrayed on the chart and is now attempting to re-test the broken structure before potentially pushing lower to the downside.
The 1.03 - 1.031 key area nicely aligns with the 50% FIbonacci retracement level drawn from the top of the recent impulse. Hence, we believe that the specific level is a good one to have eyes on for entering short positions.
The 1.009 area of previous resistance now turned into support will be marked as our initial target.
The 1.03 - 1.031 key area nicely aligns with the 50% FIbonacci retracement level drawn from the top of the recent impulse. Hence, we believe that the specific level is a good one to have eyes on for entering short positions.
The 1.009 area of previous resistance now turned into support will be marked as our initial target.