EURUSD Weekly Technical Outlook
The bearish candlestick printed in the EURUSD market in March 2019 failed to have a significant follow-through in April; resulting in the printing of an indecision candlestick around an area that has held as support for quite a long while. But, technically, the market still favours the bears.
The EURUSD market is still consolidating on the weekly time frame, where price action is still grinding slowly but sideways in a descending channel (blue). Presently market operation is located around a horizontal support around 1.11330, an area that has remained in tact since May 2017. Last week, the market printed a bullish candlestick with an upper shadow, indicating that bears were still influential.
The daily time frame shows price action consolidating along a descending channel (black). Presently, bulls have taken price action above the channel support trendline. Should they sustain their determination, we may see further northward move in the early part of this week. However, the 1.13080 area is likely to be a barrier to a bullish drive.
I may be wrong. Trade safe and prosper.
KP
The bearish candlestick printed in the EURUSD market in March 2019 failed to have a significant follow-through in April; resulting in the printing of an indecision candlestick around an area that has held as support for quite a long while. But, technically, the market still favours the bears.
The EURUSD market is still consolidating on the weekly time frame, where price action is still grinding slowly but sideways in a descending channel (blue). Presently market operation is located around a horizontal support around 1.11330, an area that has remained in tact since May 2017. Last week, the market printed a bullish candlestick with an upper shadow, indicating that bears were still influential.
The daily time frame shows price action consolidating along a descending channel (black). Presently, bulls have taken price action above the channel support trendline. Should they sustain their determination, we may see further northward move in the early part of this week. However, the 1.13080 area is likely to be a barrier to a bullish drive.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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