The Forex Pattern, Price & Time Report – EUR USD – Midsession

The EUR USD Main Trend is down with the series of lower bottoms indicating that the trend is likely to continue. 

The EUR USD Main Trend is down with the series of lower bottoms indicating that the trend is likely to continue.  Based on today’s action, a new Main Top may be forming at 1.4013.  Right now it is just a minor top, but will reach main top status if today’s low is taken out on Tuesday.

This entire decline started two weeks ago when the weekly chart formed a closing price reversal top at 1.4337.  This particular pattern is usually good for a 2-3 week break with 1.3610 the next downside target.

The Main Trend is also down on the hourly chart, but there are indications that a short-term bottom may be forming.  If this is the case then look for a further rally to 1.3919 to 1.3941 before selling pressure resumes.