EUR/USD: bearish 'Engulfing' led to decline

EUR/USD: bearish 'Engulfing' led to decline

2709eurusdh4.png

There's a downward correction, which has been taking place since the last bearish 'Engulfing' formed. It's likely that the market is going to test the nearest support at 1.1662, which could be a starting point for another bullish rally.

2709eurusdh1.png

We've got a local bullish 'High Wave', but confirmation of this pattern is quite weak. So, if a pullback from the closest resistance 1.1728 happens next, there'll be a moment for a decline towards the lower 'Window' (1.1662).

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