EURUSD: Targets hit. Confirmation needed for further downtrend.

29 oct 2018

Both TP = 1.1390 and 1.1440 hit as the 1D Channel Down (RSI = 36.115, MACD = -0.006, Highs/Lows = -0.0066, B/BP = -0.0123) extended as low as 1.1334, which is an ideal technical Lower Low for the smaller 4H Channel Down. We have to assume that this was a near 1W Double Bottom with the 1.1299 August low and until it is crossed, we can't be certain of downside continuation on the short term. On the longer term though, the 1W Channel Down (RSI = 36.821, Highs/Lows = -0.0080) is clear but, either 1.1300 has to be crossed or wait for the 0.618 Fib ext = 1.16322 to short. The 1D Channel Down suggests that 1.14320 - 1.1445 should be the first short zone aiming at a Lower Low near 1.12285. Our TP for EURUSD is 1.1250.