EURUSD Weekly Technical Outlook
The northward retracement of price action on the weekly time frame around the multi-year ascending trendline (red) two weeks ago, continued last week. Technically, bulls are positioned to still take price action further northward and may expose the 1.16170 area before a southward turnaround. The 61.8/78.6 Fib retracdement zone of the most recent downward swing on the weekly time frame is located around the 1.16170/1.16830 area and may be a significant area to watch should a bearish setup develop there.
On the daily time frame, price action is operating within an ascending channel (magenta). For much of last week, it has been constrained by a descending trendline (DarkGoldenrod) from recent highs. However, technicals still favour bulls to move price action beyond the trendline. A natural target of bulls is likely to be around the channel resistance.
I am not trading this pair until a bearish setup develops in an area of value on a daily closing basis.
I may be wrong. Trade safe and prosper.
Wishing you all God's blessings for greater success in 2019.
KP
The northward retracement of price action on the weekly time frame around the multi-year ascending trendline (red) two weeks ago, continued last week. Technically, bulls are positioned to still take price action further northward and may expose the 1.16170 area before a southward turnaround. The 61.8/78.6 Fib retracdement zone of the most recent downward swing on the weekly time frame is located around the 1.16170/1.16830 area and may be a significant area to watch should a bearish setup develop there.
On the daily time frame, price action is operating within an ascending channel (magenta). For much of last week, it has been constrained by a descending trendline (DarkGoldenrod) from recent highs. However, technicals still favour bulls to move price action beyond the trendline. A natural target of bulls is likely to be around the channel resistance.
I am not trading this pair until a bearish setup develops in an area of value on a daily closing basis.
I may be wrong. Trade safe and prosper.
Wishing you all God's blessings for greater success in 2019.
KP
Do your homework, follow the footprints of smart money
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