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DaReal1

Eur/Usd: 1 Hour Chart - Oct. 12 2020 Short

Short
Euro / U.S. Dollar (FX:EURUSD)  
DaReal1  
FX:EURUSD   Euro / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns priceaction priceactionanalysis eurousd eurodollar hourly topdown topdownanaylisis
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trendanalysis harmonicpatterns chartpattern priceaction priceactionanalysis eurousd eurodollar hourly topdown topdownanaylisis
After gapping down at the weekly open, the Euro tested 1.18300 (last weeks high) after a FBO of the consolidation range (1.18100-1.18200). The market then dropped into the 4 hourly support region (1.17800-1.1800) and has retraced to the lower end of our initial consolidation range (1.18100-1.18150). According to our fibonacci wave count, a rejection of this region will take the Euro back to daily support (1.18000-1.17900 or (EI)), if support breaks the Euro can retrace further towards channel support && demand levels ((EII) or 1.17800-1.17300 region).

CONFLUENCES:
*Rejected weekly gap down
*Creating lower lows on hourly
*4 hour bearish candle wick vulnerable
*Buyers momentum receeding above 1.1800
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