EURUSD continues its down trend at the open

The EU is still trading in a very structured market and now is testing a big inflection point. We have retraced back 76.4% of the last wave down and we have hit the 127.2% retracement of the first wave up of the pullback.

This fibonacci cluster confluences with a historic key level and the top of the bearish structure.

We have string bearish divergence on the 1h-4h time frames.

Should price break with the previous lows the rising pennant breakout would be in play.

Validation Level: 1.21500
Invalidation Level: 1.21930