FX.co ★ EUR/USD drops as expected

EUR/USD Downside Reversal!

The EUR/USD pair drops at the time of writing. You already knew from my previous analysis that the price could drop again if it slips and stabilizes below the uptrend line. I've also told you that the rate could increase a little after dropping below the uptrend line trying to retest it.

Its failure to approach and reach the 1.1480 higher high signaled that the buyers are exhausted and that the sellers could take the lead.

EUR/USD Trading Conclusion!

Its failure to approach at least the last Friday's high of 1.1464 followed by the current drop below the Tuesday's low of 1.1405 activates potential deeper drop and is seen as a selling opportunity.