EURUSD: What to expect next week???

5 Okt 2019

hey traders,

On EURUSD we see a pullback after the market has set a new lower low lower close based on 1.09 level.
The market is currently trading within a classic correction pattern called bearish flag.

When we see a flag formation, we always pay close attention to a price action inside the flag.
Very often, as soon as the market reaches a strong horizontal structure level, the market leaves as clear clues.

During Thursday and Friday, the market has formed a classic double top pattern with a set of rejections and
bearish engulfing candle in conjunction with rsi divergence.

The last thing that we are looking for is the bearish violation of minor support beneath the tops.
This violation will match with the violation of a bearish flag support line.

Then we can short the pair expecting bearish continuation to retest the market low.

Our target levels will be 1.094 and 1.09

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