EU is setting up to the similar bullish trend and levels now as compared to 2017.
Note the correction levels in 2017 after the bullish trend line was broken. Also note, that we have broken the 2020 bullish trendline recently.
Looking for the break of 1.17 level for the correction to be confirmed.
Analysis from last week still holds. EU has started it's correction to 1.15 zone longer term.
EU Bearish correction:
-month long negative divergence (on both RSI and MACD)
-huge (green) trendline REJECTION
-bullish channel has pivoted to bear channel (yellow trend lines)
EU is a house of cards with negative divergences and weak bounce off bottom channel of its recent uptrend on decreasing volume.
Swinging this to 1.15.
This set up and levels also back test to July 2017 where a big correction was made as well.