Euro / U.S. DollarShort
EURUSD: Key Levels and Scenarios for the Next Move
EURUSD has completed a clear five-wave structure to the downside, signaling the end of a dominant bearish phase. Following this, the pair has entered a corrective phase, which currently appears to be forming a double Zigzag pattern. To confirm a resumption of the bearish trend, we need a decisive break below the key level of 1.03356, which would validate the continuation of the downtrend and present an opportunity for short positions.
However, it’s important to note that this corrective structure even has yet to reach the 38.2% Fibonacci retracement level. This incomplete retracement suggests the possibility of a more extended correction. Should the price fail to break downward, the corrective wave could evolve into a more complex triple Zigzag pattern, extending the upward movement and delaying the bearish scenario.
Should remain vigilant and monitor price action around the 1.03356 level and the retracement zones for clearer signals. A break below would indicate the dominance of bears, while failure to do so might point to a prolonged correction.
As always, manage risk effectively and prepare for multiple scenarios.
However, it’s important to note that this corrective structure even has yet to reach the 38.2% Fibonacci retracement level. This incomplete retracement suggests the possibility of a more extended correction. Should the price fail to break downward, the corrective wave could evolve into a more complex triple Zigzag pattern, extending the upward movement and delaying the bearish scenario.
Should remain vigilant and monitor price action around the 1.03356 level and the retracement zones for clearer signals. A break below would indicate the dominance of bears, while failure to do so might point to a prolonged correction.
As always, manage risk effectively and prepare for multiple scenarios.
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