EURUSD: Watch Out for Reversal Candles

The EUR/USD pair has experienced a rapid decline, touching the lower trendline of the descending channel. Currently, the price is preparing to retest the upper trendline of the channel, as well as the 50 and 100 moving averages on the 4-hour timeframe, and the 61.8 Fibonacci retracement level. We will be waiting for any signs of reversal candles at those levels for a potential downside move again.

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The previous analysis was altered due to the disruptive events on the US dollar, including the bankruptcy of a major bank and investors' shift towards safe havens such as gold.