EURUSD Technical Analysis and Trade Idea

12 set 2024

👀👉 The EURUSD has broken key support levels across multiple timeframes, suggesting a continuation of the current bearish trend and potential further downside pressure.

Technical Overview
The pair is forming a bearish structure with lower highs and lows on the daily and 4-hour charts, signaling more bearish momentum that could drive the price toward previous lows.

Trading Strategy
I'm waiting for a retracement to the 50-61.8% Fibonacci zone, which often attracts price in trending markets. If the PPI data today strengthens the USD, this could offer a good entry point for a short trade, in line with the bearish outlook.

Risk Management
While the setup looks promising, it's important to wait for confirmation before entering. Look for bearish candlestick patterns or a rejection at key resistance levels within the Fibonacci zone to minimize risk.

Market Structure
Sellers are currently in control, and any rallies are met with selling pressure, pointing to a possible further downside if support levels continue to break.

Always do your own research and manage risk carefully. Never trade more than you can afford to lose. 📉✅