EURUSD on the monthly timeframe is bearish and its downtrend channel and heading back to parity or below parity levels.
The current month's close will form a bearish engulfing pattern, a retest of the double top neckline, and a failure to close above the resistance (supply zone) at area 1.09-1.10.
which confirms its next possible leg down movement continuation to the next support (demand) zone at area 1.03-1.04 and a break of such level, next levels are to the previous low 0.95 and to the new low at the lower monthly downtrend channel at the level 0.90.
The current month's close will form a bearish engulfing pattern, a retest of the double top neckline, and a failure to close above the resistance (supply zone) at area 1.09-1.10.
which confirms its next possible leg down movement continuation to the next support (demand) zone at area 1.03-1.04 and a break of such level, next levels are to the previous low 0.95 and to the new low at the lower monthly downtrend channel at the level 0.90.
