EURUSD Possible reversal or continuation
HTF - Market has been corrected in an ascending channel in the 4Hr TF, and just recently broke out to it.
LTF - To me, the market seems that at least it wants to correct, however, the main bias is bearish, and therefore more bears are with strength in the markets, the main reason for me here is that the market can possibly reverse (theoretically low probability according to technicals and market bias) more due to the dollar index is forming a head and shoulder pattern at the top of its ascending channel, with that said, there's really no other reason why EURUSD should reverse here, besides that it broke out of the LTF descending channel and is correcting now...
This idea is just my thoughts about what might happen to the EUR according to how the dollar might react to its levels!
If reversal doesn't happen, the market will be breaking the bottom of that LTF descending channel and probably continue to the Daily support level of the symmetrical triangle.
LTF - To me, the market seems that at least it wants to correct, however, the main bias is bearish, and therefore more bears are with strength in the markets, the main reason for me here is that the market can possibly reverse (theoretically low probability according to technicals and market bias) more due to the dollar index is forming a head and shoulder pattern at the top of its ascending channel, with that said, there's really no other reason why EURUSD should reverse here, besides that it broke out of the LTF descending channel and is correcting now...
This idea is just my thoughts about what might happen to the EUR according to how the dollar might react to its levels!
If reversal doesn't happen, the market will be breaking the bottom of that LTF descending channel and probably continue to the Daily support level of the symmetrical triangle.
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