EURUSD has been in a bearish trend with the formation of lower lows and lower highs. The market has broken out from sells from the support level. Now we will wait for the retest of the broken support, which has now formed the resistance. There is a potential for another mark down from the resistance level once we see a bearish price action forming. The price at the resistance is 1.0920

The descending trendline has broken out for buys but the market has faked it out and is still waiting for the continuation upwards. Now, as the market has broken the support, there is a chance for the market to continue moving down.

There is no retracement indication of this setup.

EMA 50 is still bearish and we have a chance for the profit booking at the retest of the EMA 50.

RSI is at 34. Once it neutralizes itself at the 50 level mark, it will have another confluence with the the price action.

EURUSD bearish after tapping the resistance

Aug 17 2023