EUR/USD: Bearish Waterfall And The Downtrend Continues

EUR/USD technical analysis

• EUR/USD is dropping from the highs.
• The market is in a strong bearish trend.
• The break of the blue level is cueing for a continuation.
• The doors towards 1.1390 is open.

Daily chart EUR/USD

1. The high of the waterfall pattern.
2. A drop close to the blue zone.
3. Bearish entry zone.
4. Possible target.

The EUR/USD on the daily timeframe is very bearish. The waterfall pattern suggests a strong bearish impulse and we should see the price moving don below the blue zone and towards the Q L3 camarilla pivot. At this point we could see a strong bearish impulse leading further down as we have back-to-back parallel bearish candlesticks. Targets are Q L3 camarilla pivot and M L4. 1.1485 and 1.1390.

October 18, 2021 at 11:16PM
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