EUR/USD Downtrend Exactly as Expected

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  1. Bearish order block
  2. Breakout
  3. Retest
  4. Target

The price is in a downtrend. There is nothing bullish here. As shown in the previous analysis, the EUR/USD went exactly as expected. The Weekly target has been reached. As you can see in the picture the W L5 has already reached 1.1546 and the price now is trying to go for a retest of a bearish order block. If the market doesn’t break higher above the D H3, we should see another move down below the point 2, towards point 4. D L4 – 1482. Sell the rallies and keep the shorts running is the strategy to go with.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 



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