The pair is consolidating under the Super Trend Lines. Previously, 6/8 Murrey Math Level has acted as resistance, which pushed the market lower. As we can see from the chart, the market couldn't fixate above +1/8 MM Level, that's why the bearish rally is underway. Super Trend Lines has formed a 'Golden Cross' right after a pullback from +1/8 MM Level, which confirms the bearish outlook.
Meanwhile, it's still possible that the price could test 6/8 MM Level once again. Thus, the pair could trade temporary a little bit above the Super Trend Lines. If this happens, there'll be a critical moment for the outlook. If the market doesn't fixate above these levels and returns below Super Trend Lince shortly, there'll be more evidence for the bearish scenario.
The main target is 2/8 MM Level which is confirmed by higher timeframes. However, 4/8 MM Level could act as support one more time. If so, there'll be a moment for a local upward correction, possibly towards the Super Trend Lines. Even so, after a short break, the pair is likely to continue declining in the direction of 2/8 MM Level.
The bottom line is that EUR/USD remains bearish and there's no any bullish sign so far. We could have a local upward correction during the day, but it's highly likely to see the market lower thereafter.
