EUR/USD, Potential continuation move to the downside.
Weekly: Bearish down trend, making structured LH's and LL's.
Patterns: No patterns as the potential double bottom for a reversal has been nullified.
Indicators:
MACD: Bearish
RSI: Sitting on 30
Forex Screener: Strong Sell, Below all MA's.
Bias: Bearish
Daily: Price has come out of an ascending, corrective channel and a double top. broke Daily structure to the downside, confirming down trend with the weekly time frame.
4H: Price has been making LH's broken both the 4H, Weekly and Daily structure along the way tapping into supply before a continued drop.
Price has yet to move back to the weekly supply and the 4H.
Assessment: Waiting for price to move back to the 4H supply to then continue down to the weekly structure low.
Forex Screener is showing a strong Sell.
200 EMA: Below
The Weekly low will be a good area for reversals.
Patterns: No patterns as the potential double bottom for a reversal has been nullified.
Indicators:
MACD: Bearish
RSI: Sitting on 30
Forex Screener: Strong Sell, Below all MA's.
Bias: Bearish
Daily: Price has come out of an ascending, corrective channel and a double top. broke Daily structure to the downside, confirming down trend with the weekly time frame.
4H: Price has been making LH's broken both the 4H, Weekly and Daily structure along the way tapping into supply before a continued drop.
Price has yet to move back to the weekly supply and the 4H.
Assessment: Waiting for price to move back to the 4H supply to then continue down to the weekly structure low.
Forex Screener is showing a strong Sell.
200 EMA: Below
The Weekly low will be a good area for reversals.