EUR/USD trading plan | 21st June, 2023

Here is how we are trading EUR/USD today.

The pair was already in downtrend on D1 timeframe as we can see an apparent faster down-moving channel.

If we look at the RSI, there is enough room to the downside before oversold territory.

Today’s overall result of all PMIs from the EU was bearish which already had caused downward continuation in EUR/USD and had made a bearish engulfing candle as shown in the graph below. Then, market waited for US PMI numbers. We entered sell positions as US PMI came better than forecast.