Bearish EURUSD with potential for a fakeout move higher

The EURUSD is headed lower in the next several weeks...however if price action makes a sustained move above the down sloping trend line, which comes in about 1.1750 currently, then we could see a move to the 1.1830 level and perhaps slightly above. If price action stays below the trend line then the objective to the downside is the !.1500 level and a break below that level will then target the 1.1290 level. Even if price action breaks above the trend level in the short term, the downward 1.1500 and 1.1290 levels will then follow after that as the ultimate target levels. So the main uncertainty at this point is whether or not price action make a short term move above this downward sloping trend line. The probability is likely higher that price action moves lower from here, without the short term move higher, but let's position ourselves appropriately and wait and see how the market wants to unfold.

Trade closed: target reached:

Our target was finally hit at the 1.1290 level, a trade worth holding onto for a while to gain about 452 pips.