EUR/USD has been bearish on the daily chart for the last two trading days. The chart produced a bearish inside bar followed by a bearish Marubozu candle from triple top resistance. Major intraday charts look bearish as well. Thus, the pair may remain bearish today and end up producing another bearish candle on the daily chart.
Chart 1 EUR/USD Daily Chart
The chart shows that the price had a rejection at 1.09840 three times. At the last rejection, the pair produced a bearish inside bar. The next candle came out as a bearish candle as well. The chart shows that the price has enough space to travel towards the South. Thus, the sellers may look for short opportunities in the pair. The price may find its next support around 1.07700. Ideally, traders on the daily chart would love the pair consolidate and produce a bearish engulfing candle to offer them a short entry with a better risk-reward.
Chart 2 EUR/USD H4 Chart
The chart shows that it produced a bearish engulfing candle at a double top. Then, the price made a strong bearish move. It has been in consolidation now. The level of 1.09100 has been working as a level of resistance and the level of 1.08850 has been working as a level of support. The sellers may go short below the level of 1.08850 and drive the price towards the South further. The price may find its next support around 1.08450. On the contrary, if the price makes a breakout at 1.09100, it may find its next resistance around 1.09200.
Chart 3 EUR/USD H1 Chart
The chart shows that the price has been choppy for a while after making a strong bearish move. The level of 1.09100 has been working as a level of resistance where the price had rejection twice. The level of 1.08850 has been working as a level of support. The pair is trading around the level. The sellers may go short below 1.08850 more aggressively. The price may head towards the South with more bearish momentum. The price may find its next support around 1.08600. In case of a bullish breakout, the price may find its next resistance around 1.09100.
Considering these three charts, it seems that the pair may get bearish today. If that happens it may remain bearish for some trading days. Triple Top resistance may play a vital role here to make the pair more bearish by making a breakout at the neckline level.
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