I believe last week's impulsive bullish wave is going to ultimately be a failed break out of the trendline that has served as resistance since September 7th.
Currently price is in a small corrective structure and must soon make an impulsive wave in either direction. My personal bias leans bearish on EURUSD and believe that a breakdown of this support level as indicated by the red arrow will lead to a bearish wave targeting the 0.618 Fibo level.
Currently price is in a small corrective structure and must soon make an impulsive wave in either direction. My personal bias leans bearish on EURUSD and believe that a breakdown of this support level as indicated by the red arrow will lead to a bearish wave targeting the 0.618 Fibo level.
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