After observing the market since monday opening, the technicals are indicating that the bears will be taking EURUSD for a ride down to 1.17000 and 1.16000. Our upper trend line to the bearish channel and intraday exponential moving averages 8, 13, 21 in daily are strongly pointing for a dovish continuation of the trend. The market didnt break the resistance at 1.1810-1.1820 which was the 13th August closing high and took a bearish reversal from that zone. Our upper trend line is also situated at that location - which the market failed to break and is indicating that the market will move towards our 61.8% fibb retracement level in daily i.e 1.17000. Exponential moving averages 50 and 200 in daily are acting as a hook keeping the pair lower from daily high price actions along while the intraday exponential moving averages 8,13 and 21 are on top of the current market price favoring the bears.

From current market scenario EURUSD has just reached below Senkou Span B of the ichimoku cloud in four hour chart and having monitored the levels in accordance to the upper trend line, we are expecting that Euro would reach max till 1.1790 and take a retracement from Senkou Span A of the ichimoku cloud. In worst case scenario if EURUSD broke above the ichimoku cloud in four hourly chart and also provided us with a bullish closing above exponential moving average 200 - then the market wouldve entered hawkish rally. A bearish retest of the same aforementioned zone followed by a bullish closing above the EMA200 should be considered as a continuation of the hawkish rally on intraday time frame with targeted destination at 1.19035 and 1.19755.

EURUSD

Aug 24 2021

Stop Loss -0.33%

Holding time 3d0hr

1.17480

Entry price

1.17870

Stop loss price