EURUSD - 4hr Weekly Outlook

1 May 2021

EURUSD has recently broken both a trendline and the last two lows that were made, all in a huge push to the downside. The market is highly overextended to the downside so we are expecting a retracement to at least the 38.2% or 50% zone. All intraday setups on this pair will be bearish and the max TP will be at the 27% fib extension. This setup correlates with the DXY (Dollar currency index) perfectly as it is also expected to pullback.