Monthly: ranging, but quite bearish Weekly: bearish pressure, h&S formed, broke neckline and it is retesting it now.
---> The USD is showing a bearish out look for next week...before reversing to the upside, this may favor a rise of the euro to the area of confluences we identified....be patient and wait for the right price action to form.
Path of least resistance: trading below 200, 50 and 20 EMA,TL, 20EMA, key line, go against the trend
Confluences: 1. Bounce off a key area 2.0.5 fib (almost reached) 3. deceleration 4.bearish divergence in the daily and in the 1H and H&S formingon the 1H
Other confluences: fundamental bearish sentiment on the euro . GBPUSD is forming a similar setup.