Friday, July 13, 2018 6:19 AM EDT
EUR/USD is trading below 1.1650 after getting rejected at 1.1750. This rejection has bearish implications for the medium-term as I now can see EUR/USD move towards 1.12-1.10. As long as the price is below 1.1750-1.1760 I remain bearish. A break below 1.15 will confirm this bearish view. In the short-term price has broken down below the 4-hour Ichimoku cloud (Kumo).
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EUR/USD got also rejected at the Daily Kumo. This is another bearish sign.
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The recent two-month consolidation could very well break to the downside as it did back in the start of the year. EUR/USD is bearish as long as price is below 1.1760. Break 1.15 and we are off to 1.12-1.13.
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The price action could develop into a triangle pattern. Triangle patterns are found in the final stages of trends. And in this case, I believe we could see a break down of the triangle pattern towards 1.12-1.13 before the longer-term trend reverses to the upside.
Concluding, we are bearish EURUSD as long as price is below 1.1760 looking for a break of 1.15 and then 1.12-1.13. Break 1.1760 and we will see 1.19-1.20. However, this scenario is the least probable. The most probable scenario is for EURUSD to move lower.
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