Bearish momentum to continue even further, 20 EMA on H4 acting as a dynamic resistance for this pair. We can see it bounce off both the trend line and EMA with a pinbar rejection candlestick.
Comment:
The structure until broken shows us impulse and correction moves with lower highs and lower lows, as before Friday's close this pair had done around 80 pips retracement, attempting to break this trend line however closed within. Then this follows with a pinbar which illustrates both levels being respected. Since breaking the weekly support, EUR/USD should come down and retest the 1.1300 levels as previously done on the 15th August.
Trade closed: target reached:
80 pips achieved