EUR/USD Technical Analysis

• Bearish rejection as analysed
• EUR/USD is very bearish
• Possible retest of order block
• W L5 has been reached

1. Bearish order block
2. Breakout
3. Retest
4. Target

The price is in a downtrend. There is nothing bullish here. As shown in the previous analysis, the EUR/USD went exactly as expected. The Weekly target has been reached. As you can see in the picture the W L5 has already reached 1.1546 and the price now is trying to go for a retest of a bearish order block. If the market doesn’t break higher above the D H3, we should see another move down below the point 2, towards point 4. D L4 – 1482. Sell the rallies and keep the shorts running is the strategy to go with.

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Cheers and safe trading,

Nenad