EURUSD SCENARIO BREAKDOWN

The pair has bounced off the the local high and is now at a local support level.

There are two scenarios presented on the charts. First one is the bounce up scenario, with the subsequent return back down and breakout of the support with the second scenario then being a also a continuation of the first one in some sense.

The second one implies an immediate breakout and a correction lower to the first meaningful level.

I am highly skeptical of the continuation of the euro rally and I am convinced that a correction is overdue. Therefore, Both scenarios imply an ultimate move down.

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The first scenario played out and is slowly transitioning into the second one.

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Both scenarios worked as planned!