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28.04.2023 08:13 AM
EURUSD dropped from the 1.1095 highs and carved an interim low close to 1.0992 on Thursday giving in over 90 pips. The single currency pair is seen to be trading close to 1.1010 at this point in writing as the bears are now preparing to break below 1.0990 in the near term. Also, note that prices are on the verge to carve an Evening Star bearish candlestick pattern on the daily chart.
EURUSD's larger wave structure remains intact, which is bearish towards 1.0500 at least. Please note that the potential remains for a drop through 1.0250 and up to 1.0100, the Fibonacci 0.618 retracement of the previous upswing between 0.9535 and 1.1035. A break below 1.0900 is now required to confirm that bears are back in control.
EURUSD is currently facing resistance around the 1.1040-50 zone and pressure remains on the downside. A break below 1.0990 will accelerate a decline lower towards 1.0900 and 1.0800 in the near term. Ideally, prices should stay below the 1.1095 highs to keep the above bearish structure intact. Only a consistent break higher would change the near-term structure.
A potential bearish move against 1.1200
Good luck!
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