EURUSD Weekly Technical Outlook
The EURUSD market is in a sideways mode in the context of a longer-term bearish outlook. On the weekly time frame, the 1.10125/1.07750 zone has held as the primary channel for market operation for the past seven weeks. Last week, a bullish candlestick printed within the channel spiked to test the channel resistance line before snapping back to the middle of the channel.
On the daily time frame, last week Thursday and Friday, bears took price action southward within the operating 1.10125/1.07750 horizontal channel seen on the weekly time frame. But the wicks on both ends of the bearish candlestick prints indicate that bulls are still in contention.
On the H4 time frame, price action is within a rising channel (magenta). It is presently around the channel support area. The bullish candlestick printed in the last session on Friday has taken price action to the minor horizontal resistance around the 1.09040 area (blue). This area should be watched in the early part of this week as it is susceptible to a role flip. Nevertheless, I will not be trading this pair until there is directional clarity and momentum.
I may be wrong. Trade safe and prosper.
KP
The EURUSD market is in a sideways mode in the context of a longer-term bearish outlook. On the weekly time frame, the 1.10125/1.07750 zone has held as the primary channel for market operation for the past seven weeks. Last week, a bullish candlestick printed within the channel spiked to test the channel resistance line before snapping back to the middle of the channel.
On the daily time frame, last week Thursday and Friday, bears took price action southward within the operating 1.10125/1.07750 horizontal channel seen on the weekly time frame. But the wicks on both ends of the bearish candlestick prints indicate that bulls are still in contention.
On the H4 time frame, price action is within a rising channel (magenta). It is presently around the channel support area. The bullish candlestick printed in the last session on Friday has taken price action to the minor horizontal resistance around the 1.09040 area (blue). This area should be watched in the early part of this week as it is susceptible to a role flip. Nevertheless, I will not be trading this pair until there is directional clarity and momentum.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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