Just like GBPUSD, I am also bearish on EURUSD. On the daily chart, price rallied through the descending channel but met resistance at 1.19090. It broke the ascending line of support it was following throughout the rally and plunged down to to the resistance line of the horizontal channel, failed to flip it to support and is now trending below it. Target should be at 1.16630 (or 1.17084). Note that it’s almost like the price has formed a missed double top on the daily so the entry should probably be around 1.18000.
On the 1hr, price has rejected the 0.618 fib level at 1.18161 on its way down.
On the 1hr, price has rejected the 0.618 fib level at 1.18161 on its way down.
Trade closed: target reached