EUR/USD is still moving sideways between the Super Trend Lines. Previously, the price faced with resistance by 7/8 Murray Math Level, which was a departure point for the current decline. Super Trend Lines formed a ‘Bearish Cross’ little later on, which brought more evidence that the market switched to the downside mood.
Besides, the pair has fixated under 3/8 MM Level, which highlights an opportunity of a further decline. Meanwhile, it’s still possible to have another test of 3/8 MM Level, which could act as resistance once again. If this happens, there’ll be a green light for bears to push the price lower. However, if 3/8 MM Level turns out to be broken, we should watch the Super Trend Line as the next resistance.
The market is expected to come back under Super Trend Line to confirm the bearish outlook. As long as the price is above this line, there’ll be an option to have a deeper upward correction. Additionally, if the pair breaks and fixates below 2/8 MM Level, there’ll be a final confirmation of the bearish outlook. The main bearish target is 0/8 MM Level, which could act as support.
The bottom line is that EUR/USD remains bearish and it’s likely that after a short break we’re going to see the market lower. Nevertheless, we should wait for the price returning under Super Trend Line to confirm for this scenario.