FOREX Chart Of The Day: EURUSD Bearish Trend Forming

The #EURUSD price looks to be going into a new impulsive phase on the weekly time frame. Can this offer us short opportunities?

Watch the video to learn more…

EURUSD Weekly Chart

The price of EURUSD is in a strong downward trend and could be entering a new phase. Last week we looked at long opportunities on EURUSD as the price was in a retracement phase on the weekly downtrend. However, the price we were targeting was 1.1700 and the price did not make it there. Instead we have seen a bearish reaction from the previous swing lows instead showing a shallow weekly retracement. 

In this video we discuss that when the weekly chart is in a downward trend and an impulse phase the 4hr will form lower highs and lower lows. If the market is going to move into another impulsive phase we should see this 4hr time frame make new lows. 

The 4hr Chart

As we can see the 4hr has now changed trend with the market forming a lower low. If the price is going into the impulse phase we should look for a lower high for a short trading opportunity. The previous lows of the recent range could be the area to watch. If the price forming bearish price action here look for short opportunities down to the major swing lows.

Haven’t seen our week ahead analysis yet? Follow this link to watch the previous update.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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