I previously charted a pitchfork showing the bearish trend of the EURUSD, with its peaks matching up perfectly within specified zones. It seems today's movement was as predicted and in line with our estimates of staying in the 1.087 region.
At this point, we are expecting a slight rebound up to 1.0950 before the US Building Permits and CPI data is released tomorrow morning (EST) which would promote a continuation of our bearish trend.
We are also going to be keeping an eye on our major support from May 27, hovering at 1.0817-20. Any major closes on the 4H below this would indicate a further drop and may be a signal to short any positions.
Thanks for all the questions I have been getting!
At this point, we are expecting a slight rebound up to 1.0950 before the US Building Permits and CPI data is released tomorrow morning (EST) which would promote a continuation of our bearish trend.
We are also going to be keeping an eye on our major support from May 27, hovering at 1.0817-20. Any major closes on the 4H below this would indicate a further drop and may be a signal to short any positions.
Thanks for all the questions I have been getting!