EURUSD seems to have completed the last weekly correction, and a running flat pattern with a very large W-X-Y structure has been completed.
Therefore, if the last weekly correction trend line of the downtrend is not broken, it is highly likely that the weekly downtrend will continue.
Above the current position, there are a 4-hour supply zone and a daily supply zone. If the pattern is not settled by breaking through this resistance section, it becomes a correction pattern and can be the start of a downtrend.
Since this downtrend is a weekly downtrend, it is expected to continue until September.
One risk point is that the last weekly correction process is very short, so there is room to rise once more to match the size of the pattern.
However, as the FOMC meeting is next week, there will not be much upside material in the meantime, so as the time for the FOMC meeting approaches, the likelihood of a decline is higher than an uptrend.
Therefore, if the last weekly correction trend line of the downtrend is not broken, it is highly likely that the weekly downtrend will continue.
Above the current position, there are a 4-hour supply zone and a daily supply zone. If the pattern is not settled by breaking through this resistance section, it becomes a correction pattern and can be the start of a downtrend.
Since this downtrend is a weekly downtrend, it is expected to continue until September.
One risk point is that the last weekly correction process is very short, so there is room to rise once more to match the size of the pattern.
However, as the FOMC meeting is next week, there will not be much upside material in the meantime, so as the time for the FOMC meeting approaches, the likelihood of a decline is higher than an uptrend.