Pair EURUSD H4 time frame
The big picture is that the EURUSD pair is moving in a descending parallel channel.
On March 7, the lower low was formed at 1.08000, and then we have the current pullback towards the upper line of the channel.
From then until today, the EURUSD pair has twice tried to break above the resistance zone 1.11000-1.115000, but without success.
From the lower side of this bullish consolidation, we can draw the support line.
EURUSD fails to sustain bullish consolidation and breaks below the support line.
We can expect to continue on the bearish side because we have not seen the formation of higher high on the chart.
Now our targets are the previous support levels at 1.09000, then 1.08000.
The big picture is that the EURUSD pair is moving in a descending parallel channel.
On March 7, the lower low was formed at 1.08000, and then we have the current pullback towards the upper line of the channel.
From then until today, the EURUSD pair has twice tried to break above the resistance zone 1.11000-1.115000, but without success.
From the lower side of this bullish consolidation, we can draw the support line.
EURUSD fails to sustain bullish consolidation and breaks below the support line.
We can expect to continue on the bearish side because we have not seen the formation of higher high on the chart.
Now our targets are the previous support levels at 1.09000, then 1.08000.
