EURUSD Weekly Chart Analysis - 03/23/2019
EURUSD has been brearish since 2008 - Lower Highs and Lower lows
In Dec2014 broke below prior swing low (1.20954) and went to make newer low at 1.05202
It also went into a correction structure in between 1.13743 and 1.05202, this correction structure lasted for 2.5 years.
After breakinng this structure, it went to test the prior swing low, now as resistance at 1.20954
Made a false break came down back to the top of the prior corrective structure at 1.13743
Retest at this line is not strong, pulled back and have been consolidating at this zone for 6 months.
Also noticing, it has been making lower high and constant lows in the 1.13743 zone indicating bearish pressure and possible breakout
If this breakout occurs - expecting to reach the next target at 1.05202
If false break and return above 1.13743 - target would be 1.20954 (counter trend)
In Dec2014 broke below prior swing low (1.20954) and went to make newer low at 1.05202
It also went into a correction structure in between 1.13743 and 1.05202, this correction structure lasted for 2.5 years.
After breakinng this structure, it went to test the prior swing low, now as resistance at 1.20954
Made a false break came down back to the top of the prior corrective structure at 1.13743
Retest at this line is not strong, pulled back and have been consolidating at this zone for 6 months.
Also noticing, it has been making lower high and constant lows in the 1.13743 zone indicating bearish pressure and possible breakout
If this breakout occurs - expecting to reach the next target at 1.05202
If false break and return above 1.13743 - target would be 1.20954 (counter trend)
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