The 4H timeframe of EURUSD forex pair clearly indicates a bearish trend, as previously highlighted in our earlier analysis. Currently, we expect the price to hit support levels at 1.07208 and 1.06700, which may trigger a reversal pattern leading to a potential head and shoulder formation at the price of 1.09055.
However, there's a chance that the price could initially drop to the minor support levels between 1.07208 and 1.06701.
The market's volatility may be impacted by the upcoming speeches from Fed Chair Powell regarding the state of the US economy on Tuesday and the EU Economic Forecasts later in the week. Let's hope for positive comments from Powell to stabilize the market.
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