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After a few days of consolidation between the 6/8 and 5/8 Murrey Math Levels, EUR/USD has plunged. Super Trend Lines has formed a 'Bearish Cross'. Also, the pair fixated below 3/8 MM Level, which brings more evidence that the pair switched to the downside mood. The bearish rally has been stopped by 2/8 MM Level, which led to the current correction.
Thus, the market is likely going to test Super Trend Line in the coming hours. The subsequent pullback from this level could lead to another decline in the direction of 0/8 MM Level. Meanwhile, if Super Trend Line turns out to be broken, we should watch 3/8 MM Level as a potential target, which could act as resistance.
The bottom line is that bears are coming back into the market. The current consolidation is likely just a short-term break before the price resumes declining. Therefore, we should monitor closely 0/8 MM Level as the main target, which could be a starting point for a longer bullish correction.
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