The sellers remain strong in the EUR/USD pair. For months, one new bear market low after the other is realized in beautiful regularity. Now again. With likelihood of almost 100% the due September 2019 closing price will hit another lower year-low on monthly closing base, where even this week candle printed lowest week close of entire year! ==> a next bear market continuation signal.
And so far, there is no end in sight. This now highly confirmed Elliptical GUNNER24 Down Setup on monthly base predicts that the steady and therefore strong downtrend usually hast to continue until the end of the year, at least:
Traders should use above classic 8 Fib number monthly elliptical up setup, starting at # 1 // 2017 Bear Market Low, for trading and investing and identify the main trend which is obviously regulary = strong down. We have to use the elliptical setup cause its Blue Arc resistance rail not only catches the latest 3 consecutive falling monthly highs nearly exactly, but also a few other month highs of this downtrend. For all the confirming elliptical Blue Arc rail hits see the noted 5 red arrows and the green arrow.
Because this elliptical arc at same time is massive confirmed month high and a yearly resistance it is a sustainable arc resistance OR most defining YEARLY RESISTANCE and since its resistance energy officially expires only December 2019/January 2020 this strong, sustainable bear market might deliver its final lows or next MAJOR LOW only around this time window!
That`s why this scenario might be the case for EUR/USD:
==> The year 2019 course seems to develop in the way that the year high is made at the beginning of the year and that the year low will be printed sometime towards the end of the year!
==> The Euro seems to deliver a textbook downtrend year pattern, with highs made early, lows made last. But what is important for any trader and investor: a very first month close above the 8 Candle elliptical Blue Arc resistance signals that the bear market found decisive lows before and a new multi-month bull run should have started at these lows.
We sell-short pair at possible next test of elliptical Blue Arc yearly resistance which runs at 1.1055 for the October 2019 candle.
Remaining possible major down targets for the 2019 bear trend year are these: 1.07 and 1.04!
However before these goals might been finally worked off in course of the next few months the pair might deliver another 2 to 3 weeks lasting bounce that easily could start here at current 1.09404!
The EUR/USD weekly Forex chart is trying to break below a yearlong Bear Channel and a 21-month Support and a 11-month Falling Wedge support which together forms slightly declining triple = major support magnet.
However (!!!) ==> all prior breakout attempts reversed up within a couple weeks.
This week closed at 1.09404 what is lowest bear trend close and next weekly sell signal.
Cause all recent prior legs up and down ended after about 3 to 6 weeks (for over 1 year existing time cycle symmetry) and pair is heavily oversold on daily and weekly base at the moment the existing bear forces might not strong enough to break down the triple support magnet finally.
IF this comes true one more time a next weaker bounce should begin in course of the next few days which normally should lead to the next test of the orange highlighted Falling Wedge Resistance & monthly elliptical Blue Arc resistance, both for the entire October time frame – what a surprise – unite at about 1.1055. There and for then they form a powerful annual resistance upmagnet. That's why traders should try the next low-risk short entry just there and only until the end of coming October 2019.
==> 1.1055 is Falling Wedge and monthly elliptical Blue Arc resistance magnet on yearly base for entire October 2019! This important backtest target could be tested within a 2 maybe 3 week candle lasting bounce.
This unusual attractive resistance upmagnet is very important backtest resp. bounce area and expected October 2019 high environment and IF indeed tested offers NEXT best, cause most lowest risk sell-short entry for the already with the March 2019 close activated 1.07 GUNNER24 2019 Downtarget, resp. the possibly soon finally activated 1.04 Falling Wedge downtarget!
1.07 goal is deducted directly from the final high of 2018 that marks important lower countertrend high. How we have calculated this important 2019 GUNNER24 Downtarget and much more insight regarding the awaited EUR/USD 2019 downtrend year you can look again here:
==> Sell EUR/USD at combined = MAJOR = UNUSUAL very strong yearly upmagnet resistance at 1.1055.
==> Year 2019 GUNNER24 Downtarget at 1.07!
==> Possible weekly Falling Wedge Measured downtarget is a 1.04!