eurusd strategic outlook bears will target 1.0000

🔸Hello traders, let's review the daily chart for EURUSD today. Recently we had
noteworthy compression inside rising wedge in strong prior downtrend conditions.
Normally this results in a breakdown and dump, we had a fake breakout and print
of new higher high at 1230/1240 before reversal and subsequent breakdown of
the rising wedge structure.

🔸EURUSD ongoing correction/downtrend set to resume after distribution pattern
completes later, expecting more losses short-term and price will likely enter new
redistribution after we hit close to 0300, expecting range-locked price action
before downtrend resumes later.

🔸Recommended strategy for EURUSD traders: I recommend to focus on shorting
any rips/rallies in EURUSD, as bears will target 1.0000/1.0100 later this year.
Limited upside potential after we got a rising wedge breakdown, which confirms
trend change, therefore no valid setup for the bulls in this market. good luck!

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Comment:

limited upside until we hit 0300

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