EUR/USD looks bearish (July 4)
By Felipe Erazo
EUR/USD is trying to form a higher low pattern below the 500 EMA on the H1 chart, because the bearish bias has been very strong in this pair. By now, you should follow the bearish trend in this pair, because the EUR/USD has been very weak in recent hours.
The next goal would be the support level of $1.3581, which coincides with the 161.8 Fibo extension level. However, if the EUR/USD takes a bullish rebound at current levels, it is expected to rise to the resistance level of $1.3637. The CCI indicator is trying to consolidate above the -100 level.
Trading recommendations: Hold the short positions in the EUR/USD until the support level of $1.3581. For now, we don’t recommend to put buy orders on this pair, because the EUR/USD is strongly bearish.
Chart. H1 EUR/USD