EURUSD SETUP
EURUSD: Price is kind of starting to make successive lower highs seeing rejection from 1.2350, with a break below the BEARISH FLAG on the 4H & Daily chart last week sending price lower, back inside the range bond zone between 1.2000 resistance zone and 1.6000 support zone.
Recall the first week of February we saw price drenched into the range bond below 1.2000 but with sharp rejection, last week we did saw a weekly close below 1.2000 the resistance level of the range bond zone.
If things are actually turning bearish on EURUSD we've to see how the price will treat the minor zone @ 1.2077, if the price can retest and hold the zone as new support, that will send the price lower, then we've got a more significant zone within this range zone @ 1.1895, a zone that severally acts as a resistance in July 2020 through November 2020, the price will need to take out this zone to send price lower to the next level of support @ 1.6000
WHILE a push above 1.2077 with retest holding will definitely send the price higher.
Recall the first week of February we saw price drenched into the range bond below 1.2000 but with sharp rejection, last week we did saw a weekly close below 1.2000 the resistance level of the range bond zone.
If things are actually turning bearish on EURUSD we've to see how the price will treat the minor zone @ 1.2077, if the price can retest and hold the zone as new support, that will send the price lower, then we've got a more significant zone within this range zone @ 1.1895, a zone that severally acts as a resistance in July 2020 through November 2020, the price will need to take out this zone to send price lower to the next level of support @ 1.6000
WHILE a push above 1.2077 with retest holding will definitely send the price higher.
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