Our published analysis on 26th Sept has brought the markets movement exactly in accordance to our bearish anticipations over the pair, based on breaking below the daily strong support and supply demand zone 1.1765 i.e 50% fibo retracement level while also failing to hold above the 1.1700 major price action. Euros weakness came from King Dollars strength which was witnessed across the board during third quarters closing this week, compelling bears to take control on EURUSD and drive it further below 1.1670. On 12th Sept, we published our analysis on EURUSD - keeping weekly time frame in view, where we could clearly see that the double top pattern was strong enough to instignate bearish momentum on the pair and making it break below 61.8% fibo retracement level. We were expecting the pair to hit 1.1610 and 1.15000 price action based on the the aforementioned weekly maneuver but the move was limited by the Senkou Span B of the ichimoku cloud and 1.1590 price action support. 

BULLISH AND BEARISH CONDITONS/ POSSIBILITIES :

We are emphasizing on the weekly time frame because the 1.1620 major support and supply demand zone had been breached by EURUSD and provided us with a touch down at 1.15550, the only thing holding the pair back from further losses is exponential moving average 200 in daily time frame and Senkou Span B of the ichimoku cloud. Still there are chances of further losses by driving the pair towards 50% fibo zone on the weekly and monthly levels with first target at 1.15000, where if the market found - can be expected to be proceeded by a bullish reversal. On the bullish side from the current market position, if the market reversed and managed to break and stay above the exponential moving average 200 on the weekly chart , the pair might have a fair chance of gaining onto 1.1730, but at maximum the move will be limited by the exponential moving average 50 on weekly chart, which again might come a point of bearish continuation of trend. 

EURUSD

Oct 03 2021