EUR/USD: Downtrend Expected if Below $1.1600

Recognizing Price Action Reversals

One effective way to spot a classic price action reversal is to observe when an hourly candle—such as a pin bar, doji, outside bar, or an engulfing candle with a higher close—completes its formation. By monitoring how the price behaves at these specific levels or zones, traders can take advantage of potential opportunities.

Recent EUR/USD Analysis

In my last analysis of the EUR/USD pair on Thursday, I anticipated a more bearish movement, expecting the price to approach the $1.1550 region, where I believed a bullish rebound could occur. Although the price did not drop as far as I predicted, the lowest point of the day was only slightly above my target.