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Weekly Top-Down Technical Analyses

  • #1,141
  • Jan 17, 2021 2:00pm Jan 17, 2021 2:00pm
USDCAD Weekly Technical Outlook

The USDCAD market operation continued its bearish mode in December 2020 after the bearish candlestick printed broke down the 1.29950 horizontal support area (red) flipping it as resistance. The 1.24800 area (green) is the next significant horizontal support on the monthly time frame.

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On the weekly time frame, market operation is consolidating and technically poised for a northward retracement. But any such retracement will likely be short-lived.

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On the daily time frame, price action is within a falling channel (blue). Presently, it is in a bullish mode at the channel resistance trendline. Any further bullish move in the early part of this week is likely to give way to a bearish turnaround at an area of value. Such an area is the 1.28260/1.288200 zone (magenta).

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,142
  • Jan 17, 2021 2:21pm Jan 17, 2021 2:21pm
EURNZD Weekly Technical Outlook

The EURNZD market is generally disposed southward. On the monthly time frame, the November bearish print broke below the previous horizontal support around 1.73800 (red) flipping it to resistance. However, there has been limited bearish move since December 2020. The 1.66340 area (green) is the horizontal support on the monthly time frame.

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EURUNZD market operation on the weekly time frame is in an impulsive southward mood even though it is presently sideways. The bearish print two weeks ago came under scrutiny last week when bulls effected some resistance. But, as they failed to outwit bears, the result was an inside candlestick print. Although we may see some bullish move in the early part of this week, the technical structure favours bears.

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Price action on the daily time frame is generally southward but became sideways in the last seven days. Last week Friday, a bullish print surged above the upper boundary of the consolidation area before it printed an upper shadow. Any further bullish move in the early of this week may be a northward retracement to an area of value before a southward continuation. Such an area of value is 1.70000/1.70530 (magenta).

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,143
  • Jan 17, 2021 2:42pm Jan 17, 2021 2:42pm
XAUUSD Weekly Technical Outlook

The 1888.12 area (red) is technically the prevailing horizontal resistance on the XAUUSD monthly time frame. The interim January 2021 print turned from above the area for a bearish disposition below it. Technically, bears are more influential in the market than bulls. The 1773.70 area (green) is the prevailing horizontal support on the monthly time frame.

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On the weekly time frame, the order flow context favours bears. The bearish impulsive drive from around 2049.80 in the second week of August 2020 continues to maintain a healthy bullish correction for a bearish continuation. A rising trendline (red), traceable to May 2019, is a potential technical barrier to a bearish drive, but there is still a lot of room for bearish move.

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On the daily time frame, price action has rejected the horizontal support around 1857.84 (magenta) for a bearish disposition. It is presently at a minor rising trendline (blue) which we should watch before committing to a directional bias. This location is in confluence with the 1825.20 minor horizontal support (purple). A bearish rejection of the trendline would see bears drive price action further southwards, potentially targeting the demand zone around 1809.70/1789.90 (sandybrown). The 1773.70 area (green) is a significant horizontal support on the monthly time frame.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,144
  • Jan 17, 2021 3:16pm Jan 17, 2021 3:16pm
EURUSD Weekly Technical Outlook

EURUSD market operation entered the 1.21500/1.23300 multi-year horizontal resistance zone (red) but bulls are struggling to breach it. On the monthly time frame, since market operation surged to the zone in December 2020, it has experienced an increased bearish pressure. The interim January 2021 print is largely influenced by bearish pressure, making it negatively disposed below the zone. The 1.16100 area (green) is the prevailing horizontal support on the monthly time frame.

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On the weekly time frame, a shooting star printed two weeks ago signposted the intent of bears to follow through on the pressure they exerted a week earlier, which resulted in the printing of an inverted hammer within the 1.21500/1.23300 multi-year horizontal resistance zone (red). Last week, a bearish continuation candlestick broke below the zone, technically indicating a potential southward turnaround. Should there be a southward continuation this week, bears may target the 1.18950/1.18200 technical reaction zone (sandybrown).

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Price action on the daily time frame has broken below an inner rising trendline (blue) which it has respected since October 2020. It is presently at a minor horizontal support around 1.20800, which it must significantly break down before we can expect a southward drive. Any such southward drive will likely target the demand area around 1.19400 and may extend to the 1.18950/1.18200 technical reaction zone (sandybrown) seen on the weekly time frame. Of course, we should be wary of an outer rising trendline (red), which is potentially a first barrier to a bearish drive.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,145
  • Jan 17, 2021 3:40pm Jan 17, 2021 3:40pm
GBPUSD Weekly Technical Outlook

Although the bullish surge that the GBPUSD market has witnessed in the last few months is ebbing, the 1.37000/1.38600 horizontal resistance area (red) may still be an attractive target of bulls. On the weekly time frame, in the last three weeks, bulls have made two attempts to close within the area but failed. Presently, the market operation is sideways, but we cannot rule out another bullish attempt to close within the area this week. At any rate, we are seeing an increase in bearish pressure in the GBPUSD market and, technically, the 1.37000/1.38600 zone is susceptible to a southward turnaround.

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Presently, price action on the daily time frame is within a rising channel (blue) but there has been a slowdown in bullish momentum. Price action has turned sideways as it got to the lower boundary of the 1.37000/1.38600 zone, a horizontal resistance seen on the weekly time frame. The 1.34150/1.33400 area (sandybrown) is the next significant horizontal support on the daily time frame. Also, we should be aware of a rising trendline (red), traceable to July 2020, which is potentially a long-term technical support.

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On the H4 time frame, price action formed a topping pattern as it entered the 1.37000 horizontal resistance area. Presently, it is in a bearish mode and located around the 1.35800 minor horizontal support area. A bearish breakdown of the area may lead to further bearish drive. This may see bears push for the 1.34150/1.33400 area (sandybrown), a horizontal support on the daily time frame.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,146
  • Jan 23, 2021 2:29pm Jan 23, 2021 2:29pm
Although the EURNZD market is presently sideways, technicals support further bearish tone. I will give technical details on this and three other pairs before the market opens.

KP
Do your homework, follow the footprints of smart money
  • #1,147
  • Jan 24, 2021 1:53pm Jan 24, 2021 1:53pm
EURNZD Weekly Technical Outlook

Technically, the EURNZD market still maintains a bearish tone although the momentum is weakening. On the monthly time frame, the bearish print of November 2020 did not produce much follow-through as the December 2020 bearish print is ambivalent in nature. The interim January 2021 print is bearish but experiencing decline in directional momentum as it gets near a minor horizontal barrier around 1.67610. The 1.66500 area (green) is the prevailing horizontal support on the monthly time frame.

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Although technicals on the weekly time frame favour bears, the market operation is presently sideways. It is within a horizonal channel spanning the 1.70690/1.681170 zone (magenta). A bearish breakdown of the channel may see bears head for the 1.66500 horizontal support (green). This may later expose the 1.63800 handle.

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Price action on the daily time frame is presently sideways but technicals support further bearish mode.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,148
  • Jan 24, 2021 2:24pm Jan 24, 2021 2:24pm
XAUUSD Weekly Technical Outlook

The XAUUSD market is sideways. On the monthly time frame, the bearish candlestick print of November 2020 was opposed in December 2020 by a bullish print. Although the interim January 2021 print has a bearish tinge, bulls are still exerting some pressure in the market. The 1770.45 area (green) is the horizontal support on the monthly time frame.

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On the weekly time frame, market operation is in a falling channel (magenta). Last week, it printed a bullish engulfing candlestick spanning a confluence area: the confluence of the horizontal S/R area (purple) around 1852.27 and a rising trendline (red). A northward breakout may see bulls target the channel resistance trendline while a bearish rejection may lead to a southward rotation to the horizontal support around 1770.45 (green) or the channel support trendline.

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On the daily time frame, the order flow context shows a bearish impulse. Besides, candlestick prints of Wednesday through Friday last week formed an evening star at a minor horizontal resistance around 1872.77 (blue), which, technically, portends a bearish rejection of the area. We may expect a southward continuation in the early part of this week. The 1824.00/1805.50 area (sandybrown) is a horizontal support, and, likely, an initial target of bears.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,149
  • Jan 24, 2021 2:49pm Jan 24, 2021 2:49pm
GBPJPY Weekly Technical Outlook

The GBPJPY market is presently operating around the 141.970 horizontal resistance area. The area has held as barrier to bullish operation for several months. Should bulls break above this area, we may see a push to the 144.300 area (red), which is the next horizontal resistance area on the monthly time frame. A bearish rejection may see a southward rotation to, initially, the 138.600 minor horizontal support (sandybrown). The 134.300 area (green) is the prevailing horizontal support on the monthly time frame.

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Technicals on the GBPJPY weekly time frame favour bulls. The candlestick prints and order flow context have been favourably bullish for several weeks. Market operation has rejected northward an outer rising trendline (red) traceable to April 2021 and now respecting an inner rising trendline (blue) from recent lows. The 144.300 area (red) is the next significant horizontal resistance. It is the origin of a strong downward swing in the last week of February 2020 and susceptible to a bearish rejection.

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On the daily time frame, GBPJPY price action is operating within a rising wedge (blue). Presently, it is at the wedge resistance trendline and a few pips below a minor horizontal resistance around 142.600 (magenta). A bullish breakout from the wedge and the 142.600 area may incentivize buyers to target the major horizontal resistance around 144.300 (red). However, a bearish rejection may see a southward turnaround towards the 138.600 horizontal support area (sandybrown); this may expose the 137.000 handle.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,150
  • Jan 24, 2021 3:16pm Jan 24, 2021 3:16pm
GBPUSD Weekly Technical Outlook

Technically, the GBPUSD market still has a bullish tone. However, the directional momentum has decreased as market operation tackles the horizontal resistance around the 1.37820 area (magenta). On the monthly time frame, the interim candlestick print in January 2021 is a few pips below the area. Should bulls break out of the area, they will have to contend with the next horizontal barrier around 1.39800 (red). However, a bearish rejection of the area may lead to a southward rotation targeting the 1.33000 horizontal support (sandybrown). The technical lines of the rising wedge (red) may be significant in the foreseeable future.

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Market operation on the weekly time frame is within a rising wedge (red). In the last four weeks, market operation has been sideways as it gets near the horizontal resistance around 1.37820 (magenta) and the wedge resistance trendline. Although technicals still favour bulls, we should await how market operation handles the 1.37820 area (magenta) in the early part of this week. The 1.39800 area (red) is a major horizontal resistance.

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Price action on the daily time frame has broken out of a rising wedge (red) seen on the weekly time frame and it is presently within a rising channel (blue), indicating an increase in bullish momentum. However, recent candlestick prints have been mixed and this points to an increase in bearish pressure as price action gets near the next horizontal resistance around 1.37820 (magenta). Besides, the narrowness of the spiking channel makes it technically less reliable for sustained bullish momentum. We should await what price action does in the early part of this week, particularly how it handles the 1.37820 horizontal resistance area.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,151
  • Jan 24, 2021 3:41pm Jan 24, 2021 3:41pm
EURUSD Weekly Technical Outlook

The EURUSD market still maintains a positive tone. On the monthly time frame, the December 2020 candlestick print was bullish and surged towards the immediate horizontal resistance around the 1.23350 area before suffering a bearish restraint, ending with an upper shadow. Meanwhile, bears have stepped in, restraining the interim January 2021 print from breaching the 1.23350 area. The prevailing horizontal resistance on the monthly time frame spans the 1.23350/1.24260 zone (red). This area is technically amenable to bullish attack before any sustained bearish pressure. The 1.19100/1.17700 area (green) is the prevailing horizontal support, but that is still a long way to go for most retail traders.

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EURUSD market operation on the weekly time frame is in a rising wedge (purple). Although this favours bulls, the technicals show an increase in bearish pressure as market operation has been rejecting the wedge resistance trendline for quite a while. However, the bearish print of two weeks ago failed to yield a southward turnaround as it failed to break below the wedge support trendline from which bulls printed a bullish piercing candlestick last week, indicating their intent to restore a bullish technical mode. Should bulls break out of the wedge resistance trendline, they will have to contend with the horizontal resistance around 1.23350/1.24260 (red). The zone was the origin of a strong downward swing in mid-April 2018 and had not been visited since then. This area is technically susceptible to a southward turnaround.

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Price action on the daily time frame has broken out of the rising wedge (purple) seen on the weekly time frame. Presently, it is within a rising channel (magenta) and disposed positively in favour of bulls. The bullish print of last week Thursday restores the technical setup by the morning star pattern at the channel support trendline earlier in the week. The Friday print was a bullish continuation candlestick. Nevertheless, we should be wary of the wedge resistance trendline (purple) above it, which is a potential barrier. Should bulls maintain their influence in the early part of this week, we may see further positive move, perhaps to test the multi-year horizontal resistance around 1.23350/1.24260 (red). The 1.205270 area (sandybrown) is the immediate horizontal support on the daily time frame. In the short term, I am more bullish EURUSD than bearish but my medium-term technical bias is bearish.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,152
  • Jan 31, 2021 2:53pm Jan 31, 2021 2:53pm
XAUUSD Weekly Technical Outlook

The XAUUSD market became bearish in January, having confirmed the 1904.50 area (red) as the operating horizontal resistance. On the monthly time frame, the January candlestick closed at the 1839.00 area (green), after surging past it for several pips before a bullish pullback.

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On the weekly time frame, after a relatively strong bearish drive four weeks ago, the market operation for the past three weeks has been sideways. The candlestick print of last week was ambivalent, indicating a directional pause in market operation.

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On the daily time frame, recent price action is consolidating within a triangle (blue). Last week Friday, an inverted hammer print was formed at the confluence of the 1839.00 horizontal support area (green) and the triangle support trendline. Nevertheless, we may expect a breakout from either side of the triangle. A bearish break down of the area may see bears target the next horizontal support around 1816.40 (sandybrown) while a bullish breakout may see a retest of the 1874.15 horizontal resistance (magenta).

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,153
  • Jan 31, 2021 3:12pm Jan 31, 2021 3:12pm
GBPJPY Weekly Technical Outlook

The GBPJPY market is technically bullish. On the monthly time frame, the bullish print of January 2021 inched to the multi-month horizontal resistance area around 144.335 (red). The 134.310 area (green) is the operating horizontal support on the monthly time frame.

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Market operation on the weekly time frame is technically bullish. It has moved northward of an outer rising trendline (purple) to respect an inner rising trendline (blue) from recent swing lows. Besides, there is a series of recent bullish continuation prints and a favourable order flow context. Nevertheless, we should be aware that market operation is entering a major horizontal resistance around the 144.335 area (red).

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Price action on the daily time frame is operating in an upward spiking channel (magenta), indicating a surge in bullish momentum. Such a channel is, however, susceptible to a bearish turnaround or retracement. Price action is near the confluence of the channel resistance trendline and the 144.335 horizontal resistance area (red). We may see some sideways of price action in the area or a bullish fake out in the early part of this week. Unless for scalpers, it is advisable to await what happens in the area after Monday close this week before making a directional commitment.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,154
  • Jan 31, 2021 3:24pm Jan 31, 2021 3:24pm
GBPUSD Weekly Technical Outlook

The bullish mode of the GBPUSD market is still intact but becoming weak. On the monthly time frame, the January candlestick print was bullish but rather small. It pushed market operation to the multi-year horizontal resistance area around 1.37220 (red). The 1.28500 area(green) is the horizontal support on the monthly time frame.

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Market operation on the weekly time frame is grinding northward within a rising wedge (red). It is presently at the wedge resistance trendline. In the last four weeks, it has been printing ‘top-wick’, rejection candlesticks in the area. The last two rejection candlesticks were printed at a confluence of the 1.37220 horizontal resistance (red) and the wedge resistance trendline. This situation technically portends a bearish outlook, but we must await what happens in the early part of this week.

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On the daily time frame, price action is printing topping candlesticks at a confluence of the 1.37220 horizontal resistance (red) and the resistance trendline of a rising wedge (red) seen on the weekly time frame. This technically portends the likelihood of a bearish turnaround from the area.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,155
  • Jan 31, 2021 3:44pm Jan 31, 2021 3:44pm
EURUSD Weekly Technical Outlook

The EURUSD market has turned sideways from the bullish mode of December 2020. On the monthly time frame, the January 2021 candlestick print was bearish but rather tentative. It ended up a small print with shadows on both ends. In effect, the 1.23000 area (red) remains the operating horizontal resistance while the 1.19430 area (green) is a significant horizontal support on the monthly time frame.

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Market operation on the weekly time frame is in a bullish channel (red) but it rotated southward to the channel support trendline last week. Last week’s candlestick print at the channel support trendline was a long-tailed print that pierced the trendline before snapping back northward, potentially a bullish rejection of the area. Should bulls seize the initiative in the early part of this week, we may see a bullish drive towards the channel resistance trendline. A bullish failure may incentivize bears for further southward continuation. The 1.20380 area (light green) is the next horizontal support on the weekly time frame, and technically an initial target of bears.

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Price action on the daily time frame is sideways, and within a rising channel (red) seen on the weekly time frame. Presently, it is at the channel support trendline, where it printed largely rejection candlesticks on Wednesday through Friday. The candlestick prints on Thursday and Friday are ambivalent but with a bullish tinge. Should bulls follow-through with a bullish drive, we may see a retest of the horizontal resistance around 1.23000 (red). Failure on the part of bulls may see bears attempt a southward drive to the 1.19430 horizontal support area (green).

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,156
  • Feb 6, 2021 2:07pm Feb 6, 2021 2:07pm
The XAUUSD market is generally in a bearish mode but market operation is in a northward retracement. Nevertheless, technicals still favour a bearish turnaround. Technical details on this asset and four Forex pairs will be provided here before the market opens.

Stay safe, trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,157
  • Feb 7, 2021 2:11pm Feb 7, 2021 2:11pm
XAUUSD Weekly Technical Outlook

The XAUUSD market is negatively toned on the monthly time frame. The January 2021 candlestick was bearish, and the interim February bearish candlestick print initially surged below the low of the January candlestick print before retracing to the 1813.27 area, which is the low of the bearish candlestick print of January. This area is susceptible to some technical reaction. The technical pattern from the July 2020 bullish move began the outer up-leg of an ‘M’ formation, with the January and February 2021 bearish candlestick prints the outer down leg. This is technically favorable to bears. The 1777.02 area is the horizontal support on the monthly time frame.

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On the weekly time frame, market operation has broken below an inner rising trendline (blue) traceable to March 2020. The ambivalent candlestick print of two weeks ago had a bearish follow-through last week, with market operation printing a relatively big bearish continuation candlestick. However, an outer rising trendline (red), traceable to May 2019 is potentially a barrier to further bearish drive in the future. The lower shadow on the bearish print of last week is near the 1777.02 horizontal support, which may be attractive to bears.

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Price action on the daily time frame is operating in a falling wedge (magenta) and presently on a northward mode after teasing the wedge support trendline with a relatively big bearish print on Thursday. The Thursday bearish print was about 80 pips from the 1777.02 horizontal support area (green) seen on the monthly time frame. Should bulls follow up on the northward mode shown by the Friday bullish print, we may see a retest of the high of the Thursday bearish print or the minor horizontal resistance at 1826.30/1839.50 (purple). However, the overall technical impulse favours bears and any such northward move is likely to be short-lived.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,158
  • Feb 7, 2021 2:43pm Feb 7, 2021 2:43pm
EURAUD Weekly Technical Outlook

The bearish candlestick print of December 2020 on the EURAUD market broke down a major consolidation and a previous horizontal support, and restored a bearish continuation mode on the monthly time frame. However, there was little follow-through in January 2021 as the bearish technical print surged towards, but failed to break down, a rising trendline (red) traceable to August 2012, ending up being ambivalent. The interim February print is bearish in tone, but it is apparently retesting the rising trendline (red). The 1.53400 area (green) is the prevailing horizontal support on the monthly time frame.

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On the weekly time frame, a bearish engulfing candlestick was printed last week after two weeks of bullish print that was largely corrective. But, presently, market operation is at a rising trendline (red) seen on the monthly time frame. Should there be a bearish breakdown of the trendline and a bearish follow through this week, we may see bears target the 1.53400 major horizontal support area (green).

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Price action on the daily time frame is bearish and in a falling channel (blue). The technical prints are impulsively more bearish than bullish. Technically, we can expect a bearish continuation of price action this week, particularly as it has just emerged from a bullish corrective mode to the channel resistance trendline.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,159
  • Feb 7, 2021 3:11pm Feb 7, 2021 3:11pm
GBPJPY Weekly Technical Outlook

The GBPJPY market is still bullish. On the monthly time frame, the interim February candlestick print is at the 145.420 horizontal resistance area (purple). Any further bullish move will have to contend with the next horizontal resistance around 147.850 (red). However, as the interim February candlestick print broke above a falling trendline (red), which has held as resistance for quite a while, a strong bearish snap back to respect the falling trendline may lead to further bearish move.

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GBPJPY market operation on the weekly time frame is bullish and in a rising wedge (blue). However, last week’s bullish candlestick print failed to break above the wedge resistance trendline. Presently, market operation is respecting an inner rising trendline (black) within the rising wedge (blue) and it is about 70 pips below a minor horizontal resistance around 145.420 (purple). A bullish breakout of this area may see bulls attempt a drive towards the significant horizontal resistance around 147.850 (red). But, should bears seize the initiative, we may see a retest of the wedge support trendline or the horizontal support at the 140.600/139.600 zone (Sandybrown).

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Price action on the daily time frame is technically toned northwards. It has broken bullishly from the consolidation at the 143.130/143.630 area (magenta). It is presently about 83 pips from the minor horizontal resistance around 145.420 (purple) seen on the weekly time frame. We may see a bullish push to overhaul the area in the early part of this week. A bullish failure, however, may incentivize bears to seize the initiative for a southward mode.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,160
  • Feb 7, 2021 3:24pm Feb 7, 2021 3:24pm
EURUSD Weekly Technical Outlook

The EURUSD market is experiencing increased bearish pressure. On the monthly time frame, market operation rejected the 1.23000 multi-year horizontal resistance area (red) with a bearish candlestick print in January 2021 and the interim February print has a bearish tone. It surged to a minor horizontal support around 1.19310 area (light green) before experiencing a bullish pullback. Technically, market operation is in a rising channel (red) and presently at the channel support trendline, where the interim bearish February print has a wick rejection. The area is in confluence with the horizontal support around 1.19310 area (light green). The 1.15980 area (green) is the major horizontal support on the monthly time frame.

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On the weekly time frame, market operation is in a rising channel (red). Five weeks ago, it reached the 1.23000 multi-year horizontal resistance area (red) seen on the monthly time frame, where it printed a shooting star. Since then, the technical impulse has been largely bearish within the channel. Last week, a relatively big, long-tailed bearish candlestick was printed at the channel support trendline and teased below it the 1.19310 minor horizontal support area (light green) seen on the monthly time frame before a brief northward pullback. Although I expect bears to make further attempt to restore their influence in the market, perhaps breaking down the 1.19310 horizontal support area (light green), I will await a technical reaction at this confluence area in the early part of this week.

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On the daily time frame, recent price action is technically under an increased bearish pressure. Price action effected a bearish breakdown of a rising channel (red) on Thursday as it surged towards the 1.19310 horizontal support area (light green), but on Friday bulls reacted with an engulfing candlestick print, a potential technical rejection of the area. A bullish drive above the 1.20440 area may lead to a retest of the 1.21550 minor horizontal resistance area (magenta) but we cannot dismiss a bearish turnaround for a breakdown of the rising channel (red). I will await what happens after the Monday close.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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