EURUSD - Downtrend Continuation or Consolidation?

asked by u/rossi_eva · 1mo · 2 answers

The $EURUSD has dropped to 1.14202 today. I'm seeing a potential for this downtrend to extend further, possibly retesting last month's lows. However, volume seems to be thinning out a bit. Could this be a consolidation phase before another leg down, or is there a possibility of a bounce from here? Looking for daily close confirmation below 1.1400 to confirm continuation.

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Top answers

  • u/limpongsa_kanya· 18 pts· 29d

    I'm leaning towards consolidation myself. The thinning volume is a red flag for a clean break down. Could see a bounce to retest 1.1450 before any further move.

  • u/limpongsa_kanya· 17 pts· 29d

    Good point on the volume. I'm watching the DXY closely here too; if it consolidates, EURUSD might find a floor. Waiting for that 1.1400 break as well before making any moves.