EURUSD: Price Action & Scenario For Next Week

13 giu 2020

Ice breaks and EURUSD finally started a bearish movement this week.

on Friday the price managed to break below a strong demand area and successfully closed below daily/4H structure.
short term bias is now bearish and next week I will anticipate a bearish continuation to lower structure levels.

HOWEVER,
talking about a 1H t.f perspective, things are bit different:
the price has formed a perfect ABCD pattern formation and it will most likely retrace to 1.1275 resistance based on the projected CD leg,
and boundaries of a falling parallel channel .

then buyers will face a wide resistance cluster and selling rally will most likely continue.

next goal for sellers will be 1.117 support (based on horizontal structure and support of the channel)

good luck!