EUR/USD Bearish Trend Continues if The Price Closed Below 1.1110

July 29, 2019

2 min read

Dear Traders,

The EUR/USD has formed a big shooting star at the confirmed downtrend so we should see a continuation of a bearish move.

The first POC zone is 1.1135-1.1145 based on a big shooting star rejection. If the price makes a 4h close below 1.1110 we should see a continuation towards 1.1080 and 1.1050. However a bounce above 1.1175 and the pair will see another POC zone. POC2 1.1190-1.1210 is the last line of defence for bears as the price should reject from the zone targeting 1.1175, 1.1145 and finally 1.1110 again. This week is FOMC decision and the price might be waiting for the event in order to make a full swing and decide on the next move.

The analysis has been done with the CAMMACD.MTF template.
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