EURUSD: Candlesticks & Scenario For Next Week

2 août 2020

after 1 month long bullish rally on EURUSD,
it looks like we finally see a strong reversal signal.

on a daily, the price went rejected after an attempt to violate a key weekly resistance
and the previous daily bullish candle was eaten by a strong bearish engulfing candle.

in conjunction with rsi divergence, it looks like the market is ready for a pullback.
for now, the first goal is 1.1625. it's based on the 382 retracement of the last bullish leg.
I guess the price will need at least one week to reach that goal.


please note, that it is not a sell signal.
I would suggest looking for a safe entry on a lower time frame.

3 août 2020

Note

Bearish continuation today!