Don't expect EURUSD to aim lower! Correction might likely occur

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The above link describes how EURUSD might retrace towards the DAILY EMA and Monthly pivot which are both located at 1.16500 region and then from there a fall towards 1.15000 might likely occur.

On this main chart of EURUSD 4H there are possible two scenarios which might take place this week

1) Have a look at the main chart. shall the ascending small trendline break, the initial target would be the S1 weekly pivot. This is a tradable scenario for most of us, provided if the RR is feasible!. However it is highly unlikely that this pair would go further below S1 weekly support. the reason behind this might simply be that this pair is oversold and a correction is highly likely on the cards. So for those who are expecting this pair to keep falling further and further are advised to be careful and not to expect a continuous fall beyond S1 weekly support. Shall the trendline break and price hits this level, we can expect an aggressive buying pressure that would likely propel this pair towards the Monthly PIVOT and Daily EMA which are located at 1.165000 area


2) For the second scenario, if the trendline holds intact on 4H charts, we can expect the price to continue its ascend towards the 1.16500 region slowly. However this consolidation move is very difficult trade as there are various hurdles that needs to be passed. simply put the road to 1.16500 is risky as the price might fall from any point.


Looking at the bigger picture, trading this consolidation up move is risky. The path of least resistance in this pair is to SHORT it from 1.165000 area once the consolidation is complete and the target would be 1.15000 area.