Bearish Impulse coming on EUR/USD
Good morning traders, today we bring you our short-term analysis on the EUR/USD pair, since we consider that it may have an interesting behavior during the next few weeks.
This vision shows a bearish forecast, based on the following technical aspects:
🔸First, we can see that the price generated a bearish break from the bullish channel, since when it bounced off the trend line, it did not have enough demand to continue the bullish movement and generate a new high.
🔸We do not consider this to be a resounding change in trend, but a pronounced correction towards the support zone may come.
🔸If we reduce the timeframe to 4H, we can see that there is a clear corrective structure at the edge of the broken trend line.
🔸We see that the trend line of the corrective move was penetrated to the downside, and now the price is making a pullback.
🔸If we see a clear rejection, we will consider the idea of a bearish push towards the next support zone at 1.16000, where the price will surely find strong demand. The move is approximately 450 pips.
This vision shows a bearish forecast, based on the following technical aspects:
🔸First, we can see that the price generated a bearish break from the bullish channel, since when it bounced off the trend line, it did not have enough demand to continue the bullish movement and generate a new high.
🔸We do not consider this to be a resounding change in trend, but a pronounced correction towards the support zone may come.
🔸If we reduce the timeframe to 4H, we can see that there is a clear corrective structure at the edge of the broken trend line.
🔸We see that the trend line of the corrective move was penetrated to the downside, and now the price is making a pullback.
🔸If we see a clear rejection, we will consider the idea of a bearish push towards the next support zone at 1.16000, where the price will surely find strong demand. The move is approximately 450 pips.
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