EURUSD 04-07-2024

The long term trend is bearish (will require another analysis) - for the sake of brevity if we assume that the overall trend is bearish. The objective is to determine whether there will be a retracement or continuation in the downward trend.

In week 24 price was supplied from 1.085 to 1.067 as a downward trend.
Low of the week (week 24, 14-06-2024) 1.067 found support twice in week 25 and 26 which saw bullish weekly move. 50 Fib or the average of week 24 moves is 1.076. The observation now shifts to watching if the market will break above the high of three weeks ago at price 1.085. Should the price break above 1.0825, then the EU has resumed bullish trend or initial assumption invalidated.

I anticipate that price will be supplied at 1.0825 -1.085 and distributed gradually to low of the week (week 26) 1.087

Long term trend: bearish
Weekly trend: bullish

Disclaimer: Not a trading advice, educational purpose only