EURUSD fell deeply after failing to create a support line for the 4-hour uptrend. The daily downtrend continues as it has not yet broken the 4-hour downtrend correction trend line. Even if it rebounds, there is another daily supply zone below the daily correction trend line of the bearish wave. If it fails to break through this area, it will fall again. If so, it will test the bottom next week, and if a bullish pattern emerges again, a new daily uptrend could begin. The primary upward target will be the weekly supply zone, around which the action will determine the weekly correction of the W-X-Y structure or the larger monthly correction process. However, if the market does not stop the daily bearish wave next week, it will continue to test the bottom. Keep an eye out for early patterns in the next 4 hours or daily bullish.
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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.