We're sellers | 25 May 2023

EURUSD is currently exhibiting strong bearish sentiment, which has persisted for nearly the past 24 hours. The market is in the process of forming the impulsive V wave pattern. Furthermore, if we observe the movement from the beginning of the major outer impulsive wave (I) at 1.1089 to the current market price of 1.0741, we can identify a descending channel pattern, typically considered a bullish reversal pattern. We will wait for the price to break above the upper trendline of this descending channel as a potential bullish signal. In the meantime, we anticipate the price to decline, potentially reaching our target at the major outer impulsive wave "V" level of 1.0690, thereby completing the impulsive phase.

Trade Recommendations:

We're sellers