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Bullish Correction in EU Before Resuming Downtrend
EU remains in a downtrend on both higher and lower timeframes. From the current swing low, my analysis suggests the market is undergoing a bullish correction phase before continuing lower.
The next key level to watch is the last area where bearish structure was broken, which I expect to be mitigated or tested before positioning short. Price nearly traded into a significant imbalance around the 1.02 area but fell short, indicating potential for further price action.
In conjunction with this, the DXY is showing a similar sentiment, with price rejecting just shy of the actual order block. This alignment across both markets reinforces the bearish outlook for the EUR/USD in the near term.
The next key level to watch is the last area where bearish structure was broken, which I expect to be mitigated or tested before positioning short. Price nearly traded into a significant imbalance around the 1.02 area but fell short, indicating potential for further price action.
In conjunction with this, the DXY is showing a similar sentiment, with price rejecting just shy of the actual order block. This alignment across both markets reinforces the bearish outlook for the EUR/USD in the near term.
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