EURUSD was bullish earlier, and took us out on our long positions. Now, it seems, the market is forming a bearish momentum and trend, with the formation of lower lows and lower highs. With this, market has broken the support level and needs to retest the resistance at the price of 1.0910. This area, we will see the bearish price action forming and the market to drop towards the support level at the 1.0850. 

The ascending trendline has broken out for sells and the market has validated the breakout sell as well. We are looking at the lower time frame trendline breakout sell setup which can further confirm the bearish move.

The retracement level we are looking at will be the 50% retracement level, which is in confluence with the resistance level. 

EMA 50 has broken out for sells and might retest the support level, where our shorts are pending. If the retest is succesful, we will have tripple confirmation for the market. 

RSI is at 28. It needs to fall towards the neutralized level of 50, from where, the market will be at resistance and it align with the oscillator. 

EURUSD took a bearish turn

May 12 2023