EURUSD recovers but the downward momentum remains
Hi everybody. Nice to meet you again to discuss and strategize with you today!
Overall, the movement of EURUSD completely meets my needs. After the head and shoulders formation, the price has broken out of the bullish and bearish channel up to now. It is currently in the process of recovering and consolidating above the 1.0600 level.
With the possibility of wave 2 DOW forming, I expect the price to retest the 0.5 (1,0743) Fibonacci retracement level with a bounce and retest the trend channel. And if the price quickly turns back from the fibonacci resistance level then the possibility of a breakout of 1.0600 increases.
Based on market structure and price behavior we are more likely to catch a market correction.
Given the relatively negative market fundamentals and technicalities we can expect a bearish scenario at the moment. The target in this case is 1.0424. And you, do you agree with my analysis?
Overall, the movement of EURUSD completely meets my needs. After the head and shoulders formation, the price has broken out of the bullish and bearish channel up to now. It is currently in the process of recovering and consolidating above the 1.0600 level.
With the possibility of wave 2 DOW forming, I expect the price to retest the 0.5 (1,0743) Fibonacci retracement level with a bounce and retest the trend channel. And if the price quickly turns back from the fibonacci resistance level then the possibility of a breakout of 1.0600 increases.
Based on market structure and price behavior we are more likely to catch a market correction.
Given the relatively negative market fundamentals and technicalities we can expect a bearish scenario at the moment. The target in this case is 1.0424. And you, do you agree with my analysis?
Related Ideas
