EURUSD Weekly Technical Outlook
The EURUSD market is bearish. On the weekly time frame, market operation broke below the 1.15230 horizontal support area last week and presently tackling the 1.14400 horizontal support area (green). The 1.15910/1.16690 area (purple) is the prevailing supply, and it may see a bullish retest before a sustainable bearish drive.
The 1.15670/1.16090 area (red) is the prevailing daily supply and nestled in a weekly supply zone. Price action is bearish on the daily time frame but has met a bullish pushback at the 1.14400 horizontal support area (green) seen on the weekly time frame. Should bulls sustain their pressure on the market we may see a bullish move in the early part of this week, maybe to retest the 1.15670/1.16090 daily supply (red) or an area of imbalance before a southward continuation.
On the H4 timeframe, as price action tackles the 1.14400 horizontal support area (green) seen on the weekly time frame, it made a bullish move in the latter part of last week but settled into a sideways mode before the close of market on Friday. Technically, bears are favoured more than bulls, but we may see a northward corrective move for liquidity grab in the early part of this week before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
The EURUSD market is bearish. On the weekly time frame, market operation broke below the 1.15230 horizontal support area last week and presently tackling the 1.14400 horizontal support area (green). The 1.15910/1.16690 area (purple) is the prevailing supply, and it may see a bullish retest before a sustainable bearish drive.
The 1.15670/1.16090 area (red) is the prevailing daily supply and nestled in a weekly supply zone. Price action is bearish on the daily time frame but has met a bullish pushback at the 1.14400 horizontal support area (green) seen on the weekly time frame. Should bulls sustain their pressure on the market we may see a bullish move in the early part of this week, maybe to retest the 1.15670/1.16090 daily supply (red) or an area of imbalance before a southward continuation.
On the H4 timeframe, as price action tackles the 1.14400 horizontal support area (green) seen on the weekly time frame, it made a bullish move in the latter part of last week but settled into a sideways mode before the close of market on Friday. Technically, bears are favoured more than bulls, but we may see a northward corrective move for liquidity grab in the early part of this week before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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