Raeef_Meyer

EURUSD ANALYSIS

The H4 timeframe shows a clear double top at 1.19100 supply zone indicating a bearish reversal pattern confirmed by the evening star candlestick pattern. Furthermore, the support trendline was breached which is visible above the 0.236 Fib level. Lower highs are also forming and the current correction is expected to reverse around 1.18500 mark down towards the demand zone at 1.17500. There are 2 scenarios, Scenario 1 sees the market rebound off the demand zone at 1.17500. Scenario 2 sees the market break below 1.17500 then a retest on 1.17500 to continue downwards.
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