EURUSD technical picture suggests move to 1.3050

There are 3 clues that hint EURUSD may head towards 1.3050.


Clue #1 – Downward equidistant channel

Monthly chart shows downtrend clearly defined by an equidistant channel with a completed 1-2-3-4 retracement pattern.

EURUSD monthly chart

Monthly chart is a downtrend with a retracement pattern


Clue #2 – Support still some distance away

Based on the weekly chart, EURUSD support is still a distance away with a 50% fibonacci retracement at 1.3020-50 approximately.

EURUSD weekly chart

Fibonacci and various support levels


Clue #3 – Pennant pattern suggest continuation

Daily chart broke out of a pennant pattern, a typical continuation pattern, suggesting further downside.

EURUSD daily chart

Daily chart broke out of a continuation pattern pennant, suggesting more downside

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