Potential Downside EUR/USD - 1HR Counter Trendline Entry
Doing some analysis of the EUR/USD pair and we can see that weare making a retracement to the upside from some heavy downside movement over the past week or two. I do believe that we have some more room to move to the downside after the rejection last week of the 61.8% Fib level. I would not feel comfortable taking this entry until the counter trendline is clearly broken. We should then see a retest of the counter trendline or the daily Support/Resistance level I have drawn in blue. If we see clear rejection then price should drop and create new lower lows. Be patient and wait for the market to present its hand.
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