EURUSD is in a bearish trend with the structure of lower lows and lower highs. The market is going to retest at the resistance at the price of 1.0775. This price level is from where we will be looking at the bearish structure and another bearish wave towards the downside. We can book profits either at the support level of the newly formed lower low.

The retracement level is in confluence with the resistance level with the retracement level being at the 61.8%. 

The descending trendline might be retested at the resistance level and might be rejected, which would form a bearish confluence with the technical points.

The EMA 50 is bearish and the market may also retest at resistance level, where there will be confluence with other technical parameters. 

RSI is at 27. The market needs to neutralize at the 50 level, where it will confluence with other factors to continue moving down.

EURUSD is bearish

Sep 05 2023