If you take a look at this chart I had marked up a little while back, you'll notice some new support may be created. HOWEVER, given this is a weekly timeframe, I still expect EURUSD to drop. I just don't think it will be this week. I still has some bulls tugging at it!
I have circled the support and resistance in this pair. This our WEEKLY chart. That long wick is an indication of a correction! The 38.2% is my TP on a SHORT. If it continues, we're looking at 50% next. If THAT continues down, we're looking at 68% as a 3rd TP. Watch to see what happens in the coming days.
After being asked to draw up the chart trend in the IML Academy yesterday, I drew this and couldn't figure out how to post it so the teacher could see! Here you go Lex!
Looks like that Elliott Wave action!