Euro / U.S. DollarShort
Bullish Correction in EU Before Resuming Downtrend
EU remains in a downtrend on both higher and lower timeframes. From the current swing low, my analysis suggests the market is undergoing a bullish correction phase before continuing lower.
The next key level to watch is the last area where bearish structure was broken, which I expect to be mitigated or tested before positioning short. Price nearly traded into a significant imbalance around the 1.02 area but fell short, indicating potential for further price action.
In conjunction with this, the DXY is showing a similar sentiment, with price rejecting just shy of the actual order block. This alignment across both markets reinforces the bearish outlook for the EUR/USD in the near term.
The next key level to watch is the last area where bearish structure was broken, which I expect to be mitigated or tested before positioning short. Price nearly traded into a significant imbalance around the 1.02 area but fell short, indicating potential for further price action.
In conjunction with this, the DXY is showing a similar sentiment, with price rejecting just shy of the actual order block. This alignment across both markets reinforces the bearish outlook for the EUR/USD in the near term.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.