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21.06.2021: Forex Analysis & Reviews: EURUSD close to testing critical support at 1.1770-1.18.

EURUSD is in a bearish trend making lower lows and lower highs. Short term indicators are oversold but there is no bullish divergence. A bounce towards 1.19-1.1950 is justified but not necessary. Price is expected to make lower lows and test the major neckline support of 1.1770 of the Head and shoulders pattern.

analytics60d05af7a0468.jpg

Green lines - head and shoulder pattern

Red line -neckline support

The red neckline support at 1.1770 is the most critical support for EURUSD. Breaking below it will activate the Head and shoulders bearish pattern and give us 1.11-1.13 as the first target area. Bulls need to defend the 1.1770-1.18 level and start a reversal from that level or sooner. So far there is no sign of such a reversal. Trend remains bearish. That is why I expect price to continue lower towards 1.18-1.1770.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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