EURUSD Ahead of ECB. Your Plan: 🇪🇺🇺🇸

14 Sep 2023

https://www.tradingview.com/x/pfPRAxVc/

Traders, do not forget that in less than 2 hours we are expecting the ECB rate decision
and a press conference.

Here is my technical outlook for EURUSD, ahead of the news.

The pair has recently violated 2 structures: a horizontal daily support and a rising trend line.
After the violation, the price set a new lower low and started a correctional movement.

Analyzing a 4H time frame, we can spot a bearish flag pattern.
A breakout of the support of the flag will be a strong bearish signal
and initiate a selloff.

Also, remember that the broken structures compose a supply zone now.
The market may reach that first and only then a fall will start.

Alternatively, a bullish breakout of the underlined supply zone and a daily candle close above will be a strong bullish signal.

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