The EURUSD ended the weekly with a bearish engulfing candle. It now looks poised for more downside and the levels near 1.15 that the bulls fought hard to break now looks ready to be retested.
BEAR CASE
This pair looks ready to break the low formed near 1.175. The are other areas liquidity where we saw strong buying earlier this year and late last year but price could find its way all the way to the 1.15 levels for a the correction cycle to complete.
BULL CASE
Price may move downwards to fake out overzealous longs that entered at the 1.175 levels. If so we see 1.17 as the next level of support to drive price up higher.
BEAR CASE
This pair looks ready to break the low formed near 1.175. The are other areas liquidity where we saw strong buying earlier this year and late last year but price could find its way all the way to the 1.15 levels for a the correction cycle to complete.
BULL CASE
Price may move downwards to fake out overzealous longs that entered at the 1.175 levels. If so we see 1.17 as the next level of support to drive price up higher.