EUR USD Could Retrace Before Resuming Break

The main trend turned down in the EUR USD when the market crossed1.4611.  In addition, the weekly closing price reversal top wasconfirmed overnight when the market crossed 1.4614.

The main trend turned down in the EUR USD when the market crossed 1.4611.  In addition, the weekly closing price reversal top was confirmed overnight when the market crossed 1.4614.

The current chart pattern suggests that a break to 1.4444 to 1.4350 is the next downside target, however, oversold conditions could trigger a rally to 1.4703 – 1.4736 first. 

A failure in this area will create a secondary lower top and could trigger the start of another leg down.