Lingrid | EURUSD Correction and Bearish CONTINUATION.

The price reached the support level where it bounced off before. EURUSD is forming a potential range zone below the resistance zone. Today we don't have high-impact news, so I think the market might continue moving sideways. However, if the market pulls back and rejects the resistance zone at 1.08500–1.08600, we can expect a rebound from it. Basically, the market will make a correction against the current bearish trend. On the weekly timeframe, we have a strong bearish candle, as well as on the on the daily timeframe. My goal is the support level of around 1.07675


Traders, if you like this idea or have your own opinion on this matter, write in the comments. I will be glad 👩‍💻

Comment:

The market bounced off the support level and made a pullback. I think EURUSD might form a high-test candle and then move downward. On the daily timeframe, the market created an inside bar. We don't have a sharp upward move, which suggests that the bulls are out of breath. It took basically two days to reach the Friday open price. I think the perfect scenario is going to be a grab of liquidity above the Friday high, forming some rejection candle formation, followed by a bearish move. My goal is the support level at 1.08040

Comment:

The price perfectly fulfilled my last idea. The market fell from the resistance zone by taking the liquidity above the previous day's highs. It pulled back from the resistance and went sideways in the New York session. Basically, we have a fake breakout of the previous day high, and I think the market may retest the resistance again. If it rejects the level, we can look for sell signals. There is no high-impact news, therefore the market can potentially keep moving sideways. My goal is to support level at 1.07780

Comment:

The market is clearly in anticipation of the upcoming U.S. news because we had pretty much a sideways move. However, the main trend is bearish, so I think the EURUSD will move down. On the daily timeframe, it made the doji candle formation, which is a sign of the ranging market. I expect a move down to retest the support level. The DXY is testing the resistance zone, which suggests that it might break through it and move upwards, strengthening the dollar against other pairs. My goal is the support level at 1.07910

Trade closed: target reached:

The price went down and hit the TP