$EURUSD – Completion of the correction for FX:EURUSD by aziz.elliot

Hi guys! 👋🏻

🔔 EUR/USD is traded inside a downtrend channel . The price action of June 25 has formed an expanding ending diagonal pattern, which is yet to complete its formation.

🔔 4H EUR/USD chart, whereas the RSI is near the oversold level, hence to balance the strength, EUR/USD might retest 1.17700 before it continues to proceed downwards to complete the correction.

🔔 Key support levels to watch herein are $1.16150, $1.15000 and an area between $1.14500 and $1.14200. It is important to note that MA100, MA200 and EMA50 are all above the priceline and act as a strong resistance, most importantly the EMA50 is right at $1.17700 which backs the strength of this resistance.

🔔 Last week, the EU and German economic data were mainly red colored as the actual data released was not the same or above the anticipated. This fact weakens the Euro before the US Dollar , as these data clearly state that the ECB economic projections are inaccurate. Last week’s EU and German PMI data were below the anticipated.

🔔 It is pretty much clear that the end of the correction is not yet confirmed and for the Euro to continue the uptrend the economic data from the EU has to follow the projections of the ECB and EUR/USD must close above the upper edge of the downtrend channel . Until then, EUR/USD is bearish .

✊🏻 Good luck with your trades! ✊🏻

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