EUR/USD has failed to print a higher high after bouncing strongly off the 0.382 fibonacci support level. Thus, indicating a confirmation for a downtrend in EUR/USD.
VERDICT: Given the above, it is fair to say that EUR/USD is more bearish than bullish. And that we are in a downtrend, ready to continue after failing to advance upwards.
- Unsuccessful bounce off the macro 0.382 fibonacci support
- Unable to print higher high
- Unable to break local 0.618 fibonacci
- Unable to hold local support
- Unable to break 200 weekly moving average
VERDICT: Given the above, it is fair to say that EUR/USD is more bearish than bullish. And that we are in a downtrend, ready to continue after failing to advance upwards.