EURUSD | Forecast the downward movement (Mid-term View)

EURUSD last week made 2 consecutive N-wave with cycle around 42. This gives us clue that the next cycle for downward movement will be around 15 August 2022. Yup, I am still thinking bearish for this EURUSD with target downward movement around 0.09275.

Meanwhile, now Market movement is sideways now. The momentum of selling is weaker. So, price will go up for a while (bearish correction). I have 2 level resistance that can be monitored to look for sell chance. The first is 1.16. Price can rebound from it then going down to try to breakout the last support or continue the sideways movement again. And the second one is f course 1.16530. It is strong resistance now that showing sellers dominance last week. If price can reach here, it is a good opportunity to think to sell in around this leve.

Anyway, with this kind of market, patience and detail entry is very important. If you do not know to trade this kind of market, my suggestion is stay away from EURUSD for a while until a breakout from this consolidation area happen. Good luck