EURUSD Forecast: Price is reversing after the long drop

FX:EURUSD   Euro / U.S. Dollar
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As you can see, the price is in a bullish uptrend that's trying to form the double bottoms 2nd leg. This reversal pattern usually triggers a 3-level uptrend. In this case, it will do so once the price has bullish broke and retested the patterns neckline (Mini Weekly Neckline) together with the 50 and bullish crossed short-term MA's. If that happens, the drop we've been seeing on the weekly and monthly timeframes will start to be recovered. But that might not happen. If the price bounces off the patterns neckline and 50 MA with a bearish reversal pattern that leads its price to bearish break and retest the bearish crossed short-term MA's, a downtrend will occur.

That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section, I'd love to know your thoughts!

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