EURUSD In Wedge Looking To Retest Lows
EURUSD broke through a structural low 2 weeks ago at 1.1554. From that point it began to form a consolidation wedge as EURUSD loves to do prior to moving down more. With this break in structure the trend has become bearish on the daily chart. The market could potentially break up to retest some minor highs, and then reverse to move down towards 1.1250 (Target 1 at the 1.272 extension) in an effort to retest the structure low at 1.1120. If this level is broken the market will fall further to 1.0925 (Target 2 at the 1.618 extension)
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