EURUSD did not sustain the daily uptrend from its highs and a deep correction was made.
Since the current pattern has a retracement in the weekly supply zone, if the uptrend is no longer limited, the weekly correction of the W-X-Y structure may end and a downtrend may follow again. So, it can come down to around the weekly demand zone.
If it reaches the weekly dermand zone, a big rebound can come out. If the uptrend continues, it becomes a weekly bullish pattern, so it can be propagated as a monthly correction.
Good luck with your chance.
Since the current pattern has a retracement in the weekly supply zone, if the uptrend is no longer limited, the weekly correction of the W-X-Y structure may end and a downtrend may follow again. So, it can come down to around the weekly demand zone.
If it reaches the weekly dermand zone, a big rebound can come out. If the uptrend continues, it becomes a weekly bullish pattern, so it can be propagated as a monthly correction.
Good luck with your chance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.