EURUSD has been in a bullish momentum and trend with the formation of lower lows and lower highs. This means, we have the resistance level for further downwards after the printing of bearish price action on this resistance. Therefore, we are still bearish on this. The profit target would be on 1.0500.

The ascending trendline has broken out for sells and the market is on the verge of validating it for another confirmation towards the bearish side.

The retracement level is non existant on this setup.

EMA 50 is still bearish and is blanketing the price action on the upper side and is strong bearish at the moment. This will act as a catalyst for the bearish momentum.

RSI is at 46. It needs to neutralize at the 50 level in order to align itself with the bearish confirmations on the pair.

Short EURUSD from 1.0570

Oct 27 2023