EUR/USD Technical Analysis

There is nothing bullish here
EUR/USD drop is imminent
Break of the trend line adds momentum
W L5 should be the first target

Bearish structure
Right shoulder formation
The entry
Breakout
Target

The price is in downtrend. There is nothing bullish here. The EUR/USD has been very slow last two weeks. Continuation below the trend line is expected as the bears gain more momentum. D L4 marks the breakout point -1.1579. Stronger move down will happen if bears manage to make this level resistance. On higher timeframes it is very clear that markets are bearish. Look for the break lower. D L5 is the first target where the the intraday move should aim for. W L5 -1.1546 is the main target.