EUR/USD is Still Bearish Due to Technical Confluence

1 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

The EUR/USD completely followed previous analysis and is proceeding with a bearish trend. We might see new bearish move after the retracement or a breakout.

The EUR/USD POC zone is 1.1670-90 and camarilla is suggesting further bearish movement. If the pair retraces to the POC, we might expect fresh sellers. This is the bearish zigzag pattern. The price needs to drop below 1.1600 in order to proceed further south. If that happens the target is 1.1566. Watch for a retracement or a breakout.

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