Forex EURUSD Technical Analysis | Our expectations:
Downward trend and a correction that is very likely to lead to a test at the last horizontal level of 1,1509. There we can look for new short positions with a stop at 1.1570.
The breakthrough of the last consolidation with direction to south creates expectations for lower levels in the pair. Test of the breakout below 50SMA is a further confirmation signal of the bearish trend.
An adjustment has now begun, and for the best possible positioning it is good to wait for the break test below 1.1509.
Alternative Scenario: Returning the price back to the area above 1.1510 will spoil the bearish scenario and we may see a new 50SMA test.
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