Since EURUSD failed to propagate the daily uptrend in the daily demand zone, we expect to see an upside opportunity in the weekly demand zone. However, since we are trapped within the daily downtrend, there should be an impulse that breaks the daily downtrend line.
At our current location, a new daily supply zone is on top. Even if it rebounds, resistance in this area can renew the floor again. If a new bottom is drawn next week, there could be a rebound opportunity as it is in the weekly demand zone. If there is no signal to break the correction trend line of the daily downtrend, the daily downtrend will continue.
Take a good look at the action in the daily supply zone today.
At our current location, a new daily supply zone is on top. Even if it rebounds, resistance in this area can renew the floor again. If a new bottom is drawn next week, there could be a rebound opportunity as it is in the weekly demand zone. If there is no signal to break the correction trend line of the daily downtrend, the daily downtrend will continue.
Take a good look at the action in the daily supply zone today.