Last week, EURUSD has undergone a ranging market as it continued to trade within a symmetrical triangle.
It is also noted that the consolidation came after a bearish trend where we saw the price coming off from a 33-month high.
We also noted that the price has been constantly resisted below the 200 and 60 MAs, and a harmonic pattern was formed at the end of the month in the H4 chart.
And since we expect the dollar to turn bullish in the coming month, we also expect the EURUSD to start forming a bearish trend after a full month of ranging market.
We can start to sell EURUSD at the start of the week, betting on a strong resistance at the top of the symmetrical triangle and a bearish harmonic, expecting the price to reach and retest the demand zone at 1.2060.
If EURUSD manages to reach 1.2060 and continue to trade lower from then on, we are expecting a stronger bearish trend towards 1.19 by the end of Febraury.
It is also noted that the consolidation came after a bearish trend where we saw the price coming off from a 33-month high.
We also noted that the price has been constantly resisted below the 200 and 60 MAs, and a harmonic pattern was formed at the end of the month in the H4 chart.
And since we expect the dollar to turn bullish in the coming month, we also expect the EURUSD to start forming a bearish trend after a full month of ranging market.
We can start to sell EURUSD at the start of the week, betting on a strong resistance at the top of the symmetrical triangle and a bearish harmonic, expecting the price to reach and retest the demand zone at 1.2060.
If EURUSD manages to reach 1.2060 and continue to trade lower from then on, we are expecting a stronger bearish trend towards 1.19 by the end of Febraury.
