EUR/USD ChOC Test
EUR/USD has shown a Bearish Structure Break.
Currently on the Daily Support and Resistance zone, and expected to chop within the zone until Thursday where ECB Interest Rate Decision will be released, forecasted at 3.4, lower than previous 3.65. Simultaneously, The US Retail Sales MoM will also be released with a forecast of 0.3, higher than previous 0.1
The Change of Structure may be tested at the Daily FVG Level, that may play-out up to the end of October. The trend might even continue up to the Weekly Supply Zone, forming a Head and Shoulder Pattern.
RSI Divergence has also formed, a third test of RSI Divergence might occur by next month.
Confluences:
Currently on the Daily Support and Resistance zone, and expected to chop within the zone until Thursday where ECB Interest Rate Decision will be released, forecasted at 3.4, lower than previous 3.65. Simultaneously, The US Retail Sales MoM will also be released with a forecast of 0.3, higher than previous 0.1
The Change of Structure may be tested at the Daily FVG Level, that may play-out up to the end of October. The trend might even continue up to the Weekly Supply Zone, forming a Head and Shoulder Pattern.
RSI Divergence has also formed, a third test of RSI Divergence might occur by next month.
Confluences:
- Support and Resistance Zone (Daily)
- 200 MA (Yellow Line)
- Daily FVG
- RSI Divergence (Yellow oscillator)
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