EURUSD: More Downside to Come?

Welcome to April. So the 3-month and 1-month candle has painted. Price action is currently holding around the 1.17191 area, but for how long?

EURUSD 3-Month Chart
EURUSD 3-Month Chart

This is a significant level, but I’m not convinced it’ll end up being our local low. I’m more interested in 1.16163 for a reversal.

How high can we bounce?

EURUSD 4-Hour Bounce
EURUSD 4-Hour Bounce

I think scenario A is most likely. If we pop higher, expect to see resistance at 1.17806 and 1.18051.

On the lower time frame we can see a continuation pattern to back up scenario A.

EURUSD 15-Minute Continuation Pattern
EURUSD 15-Minute Continuation Pattern

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