EURUSD proceeding with downtrend

As i have shown in my previous EURUSD analysis and the Analysis before it, EURUSD has clearly rejected from POCs and proceeded in trend direction. Overall, the first target zone has almost been met – 1.0620 and it happened after the break of 1.0670 as I have suggested. We need to think about 2 potential scenarios. The first is CONTINUATION point of view and the second is POSITIONING.

The first scenario is likely to happen after breakout of 1.0630 – yesterday’s low and triple bottom. The target is 1.0590 zone and the break of it will target 1.0520. The second scenario takes POC point of view. We have POC in 1.0700-0720 zone (X-cross, L3) and the CURRENT rejection of 1.0690 which is currently good for 30 pips. The pattern is T-89 which i have been showing in my PATS webinars also.

For both scenarios targets are 1.0590 and 1.0520 but if we get another T-89 or POC rejection have in mind that the price still needs to break 1.0630 to proceed lower.

read the original article on AdmiralMarkets.com

Follow @TarantulaFX on twitter for latest market updates