EURUSD Weekly Technical Outlook
On the weekly time frame, the EURUSD price action is still disposed southwards within a falling wedge (blue). However, there is limited southward momentum as price action remains ambivalent as it nears the wedge support trendline. The bearish candlestick printed four weeks ago is still influential as a control or master candlestick for the subsequent three candlesticks. Its high, around 1.11380, may be a target for any bullish move, particularly as it is in confluence with a congestion zone which may act as resistance. We should also notice a falling minor trendline (black), which is in play as resistance to recent price action.
Recent price action on the daily time frame is rather choppy. As the major technical outlook is bearish, a feasible sell trade would need to await a significant northward pullback, perhaps to the 1.11380 area or the resistance trendline of the falling wedge (blue) seen on the weekly time frame.
I may be wrong. Trade safe and prosper.
KP
On the weekly time frame, the EURUSD price action is still disposed southwards within a falling wedge (blue). However, there is limited southward momentum as price action remains ambivalent as it nears the wedge support trendline. The bearish candlestick printed four weeks ago is still influential as a control or master candlestick for the subsequent three candlesticks. Its high, around 1.11380, may be a target for any bullish move, particularly as it is in confluence with a congestion zone which may act as resistance. We should also notice a falling minor trendline (black), which is in play as resistance to recent price action.
Recent price action on the daily time frame is rather choppy. As the major technical outlook is bearish, a feasible sell trade would need to await a significant northward pullback, perhaps to the 1.11380 area or the resistance trendline of the falling wedge (blue) seen on the weekly time frame.
I may be wrong. Trade safe and prosper.
KP
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