EURUSD The new Bearish Leg has started.

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EURUSD The new Bearish Leg has started.

EURO / U.S. DOLLAR FX_IDC:EURUSD

TradingShot

On our last analysis EURUSD analysis (June 04, see chart below) we mentioned that it was a do-or-die moment for a rejection as it had marginally broken above the top (Lower Highs trend-line) of the 5-month Channel Down:

As you can see the price did close all subsequent candles below the top and inside the pattern, hence confirming the rejection bias and that the downtrend was still intact. The last two strong bearish days, suggest that the new Bearish Leg has started, especially since yesterday's 1D candle closed below the 1D MA50 (red trend-line) for the first time in a month (since May 10).

Our Target remains 1.06040 (Support 1), which is still a 'good case scenario' for the bearish event as it is above the % drop of the weakest Bearish Leg, the one right before the current (at -3.45%). Ideally, we expect to see the 4H MA200 (orange trend-line) being the Resistance throughout the whole Leg.

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