If you are tracking the EURUSD market this week, consider this technical perspective.
The EURUSD market has been in consolidation for quite a while but the general disposition is southwards.
On the daily time frame, price action is respecting a rising trendline (black) and the technicals are in sync for a bullish influence. Technically, the short-term momentum is bullish and as long as the trendline holds on a daily closing basis, we can expect bulls to be favoured. Nevertheless, there are a few barriers northwards which bulls may have to clear. The 1.13470/1.13840 area is a significant horizontal resistance which may witness sideways or turnaround of price action. Generally, the medium-term outlook favours a southward turnaround, perhaps upon a northward retracement to the 1.13050/1.13470 horizontal resistance zone.
I may be wrong. Trade safe and prosper.
KP
The EURUSD market has been in consolidation for quite a while but the general disposition is southwards.
On the daily time frame, price action is respecting a rising trendline (black) and the technicals are in sync for a bullish influence. Technically, the short-term momentum is bullish and as long as the trendline holds on a daily closing basis, we can expect bulls to be favoured. Nevertheless, there are a few barriers northwards which bulls may have to clear. The 1.13470/1.13840 area is a significant horizontal resistance which may witness sideways or turnaround of price action. Generally, the medium-term outlook favours a southward turnaround, perhaps upon a northward retracement to the 1.13050/1.13470 horizontal resistance zone.
I may be wrong. Trade safe and prosper.
KP
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