EURUSD might fall towards swing low if rejection occurs at 1.165
This week might provide a slight correction from last's week aggressive down move in EURUSD. As the downmove happened last week, the monthly EMA was pierced and M candle closed below it. This indicates the path towards 1.1500 is well and truly open to be tested.
Here we currently look at the 4H chart for this pair. a possible head and shoulders developing on 1H TF might result in a slight retracement towards 1.16500 level and 4H EMA. Shall the retracement be completed, it is advisable to look for rejection of the 4H EMA which can be confirmed by the TRENDLINE break. Shall the rejection take place, we can expect the price to target the swing low on 4H charts. However it also depends on where the weekly pivot points are present.
Shall all the criteria meet, i will update the trade details here
Here we currently look at the 4H chart for this pair. a possible head and shoulders developing on 1H TF might result in a slight retracement towards 1.16500 level and 4H EMA. Shall the retracement be completed, it is advisable to look for rejection of the 4H EMA which can be confirmed by the TRENDLINE break. Shall the rejection take place, we can expect the price to target the swing low on 4H charts. However it also depends on where the weekly pivot points are present.
Shall all the criteria meet, i will update the trade details here
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