EUR/USD: main trend is still bearish

EUR/USD: main trend is still bearish

23-5-2018-EUR-H4 (1).png

The main trend is still bearish. There's a new local low because of the last 'V-Top' pattern. So, it's likely that the market is going to test the nearest support at 1.1661 - 1.1636, which could be a departure point for an upward correction.

23-5-2018-EUR-H1 (1).png

There's a 'Head&Shoulders' pattern, which has been formed under the 89 Moving Average. At the same time, we've got a 'V-Bottom', so there's an opportunity to have a local bullish correction towards the Moving Averages. If a pullback from the 34 or 55 MA happens little later on, bears will probably try to deliver a new local low.



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