The short-term outlook for EUR/USD remains bearish. The pair has fixated under 3/8 Murrey Math Level that brings more evidence for the current scenario. Previously, the price met resistance at the 7/8 MM Level, which led to the current decline. Super Trend Lines have formed a 'Bearish Cross' little later on.
At the same time, the price is moving sideways in a range between Super Trend Lines. So, the market is going to test 3/8 MM Level once again in the coming hours. The subsequent pullback from this level could be a starting point for another decline. If 3/8 MM Level turns out to be broken, all eyes will be on the higher Super Trend Line (from the Daily chart), which could act as resistance as it happened a few times before.
The main bearish target is 0/8 MM Level, which is confirmed by the Daily chart. Meanwhile, we also should pay attention to 1/8 MM Level, which could stop the bearish rally as 7/8 MM Level did the same for the last upward price movement. Finally, fixating below the Super Trend Line will be essential confirmation for the outlook.
The bottom line is that EUR/USD remains bearish and the current consolidation is likely to be just a correction. Thus, we're probably going to see the market even lower in the near future.
