EUR/USD Technical Analysis

• There is nothing bullish here
• EUR/USD drop is imminent
• Break of the trend line adds momentum
• W L5 should be the first target

1. Bearish structure
2. Right shoulder formation
3. The entry
4. Breakout
5. Target

The price is in a downtrend. There is nothing bullish here. The EUR/USD has been very slow the last two weeks. Continuation below the trend line is expected as the bears gain more momentum. D L4 marks the breakout point -1.1579. Stronger move down will happen if bears manage to make this level of resistance. On higher time frames it is very clear that markets are bearish. Look for the break lower. D L5 is the first target where the intraday move should aim for. W L5 -1.1546 is the main target.

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Cheers and safe trading,

Nenad