Technical Analysis and Outlook:
In the previous week's Eurodollar trading session, the currency continued its descent, dropping to complete the Outer Currency Dip at 1.117.
Based on this price activity, the eurodollar is in In-Force Rebound mode, with a preliminary target marked as Mean Resistance at 1.126, with the possibility of a breakout extending its rise to Mean Resistance 1.134.
However, given its bearish bias, retargeting and retesting the completed Outer Currency Dip at 1.117 may trigger an extended decline to the Intermediary Currency Dip at 1.108 and/or the next Outer Currency Dip at 1.080.
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