The short-term euro downtrend continued last Friday. As a result, the Intermediary Zone 1.0488 – 1.0478 yielded profits, and June 30th low was updated. However, traders failed to break out the Target Zone 1.0422 – 1.0403.
The Target Zone serves as a strong medium-term support. For a further fall, wait for the price to consolidate below the Target Zone. In this case, the next sales target will be the Gold Zone 1.0326 – 1.0317.
A correction is currently unfolding. Its probable target is a test of the new Intermediary Zone 1.0471 – 1.0461. The IZ serves as the trend’s border, so after reaching it, look for short trades with a target at July 1 low.
EURUSD trading ideas for today:
Sell according to the pattern in Intermediary Zone 1.0471 – 1.0461.
StopLoss: according to the pattern rules.