EURUSD Bearish - EURUSD is overall in a downtrend - if you view the chart from the monthly view, you will see the monthly trendlines.
The EURUSD market completed the form of a classic Head and Shoulder pattern last week. The market is now retracing back to its previous price, however the price has nearly retraced back to a key support line (Red Line). This key support line has been met numerous times as seen from the chart.
If you look at the chart from a daily view, you will see the weekly trendlines (Purple lines) - it is clear EURUSD is trending downwards. Once the price hits the key support line, that area is also a supply zone. When a price reaches a supply zone within a downtrend, it then follows to drop down to the demand zone.
This setup has a target of 100 pips - if entered at supply zone. any thoughts?
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OLD WORK - Incorrect