EURUSD, 1D BEARISH FORECAST for FOREXCOM:EURUSD by ygdabba
Consider below reasons for selling market. 1. EURUSD is now trading below 50% and 61.8 fib ret.
This is clear indication that EUR could continue trading low against Cable.
3. I’ve noticed that the price has started with raising trendline or channel from the price level of 0.95455 which matced exactly to the 100% of the 31 may high.
And the last highest traded price matched with our last part of our leg that’s D and that’s exactly the resistance of the raising trendline/channel.
With the above reasons I believe EURUSD will reach atleast 0.98088, which is retest level of broken descending trendline respected since 08/Jun/22, it also matches our 78.6 ret level, and the testing area of raising trendline/channel.
It means price has to reset raising trendline/channel atleast before going back high to 61.8 ret level.
Find confirmation using lower timeframe.