EURUSD: Consolidation ahead of more selling

EURUSD will most likely close flat today, a price action which is accurately depicted on the neutral 1D technicals (RSI = 51.556, MACD = 0.003, ADX = 38.804). On a wider horizon, this neutrality is a technical consolidation before the next phase of the bearish wave that started on the December 28th High. This chart shows that the whole 2023 has been a Channel Down pattenr of LH and LL.

As all prior bearish waves, we expect this one to hit and marginally cross the S1 level at least (TP = 1.07245). A potential crossing under the 1D MA50 next week, will validate this scenario.

See how our prior idea has worked:


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