EURUSD: Bullish or Bearish???

18 Jun 2020

hey guys,

analyzing the price action on EURUSD we may notice that:
1.14 is our current structure high

once it was reached, the price dropped to 1.123 structure support and failed to retest the high, setting a lower high.

then one more retest of horizontal support. equal lows and a new bullish movement brought a lower high again.

for now, bulls are clearly losing momentum.
with 4 lower highs in a row, each consequent bullish leg is contracting.

the price is currently testing the green support again.
being broken to the downside, buyers will most likely lose their confidence, and selling reaction will be triggered.
next goal for sellers will be: 1.115

for bullish scenario, we need a 4H violation of the last lower high level.
the next goal for buyers will be: 1.129 (previous lower high level)

both scenarios are equally possible but I am personally on the bearish side.
How about you?