Standing at the strong footpring of a resistance level, the price of EURUSD is at 1.0920. This is the area from where the market has the potential to continue moving downwards. This relevenacy is formed from the bearish trend and the formation of lower lows and lower highs. Ultimately, concluding towards another lower low. 

The ascending trendline might break out for sells once the market turns and pressures towards the bearish side.

The retracement level of 61.8% is in confluence with the resistance level. This level if played perfectly, will impact the bearish fall.

EMA it flat and retesting the price action at the resistance area. This area will have multiple confluences for the bearish move.

RSI is at 51. It needs to fall below the 50 level of neutrality in order for the market to align with the technical confluences which have been formed.

We deem EURUSD bearish

Jul 03 2023