EURUSD Weekly Technical Outlook
EURUSD is bearish. On the monthly time frame, market operation printed a relatively big bearish continuation candlestick in April. Presently, market operation is mid-way of the 1.06400/1.03350 multi-year horizontal support zone (green).
EURUSD market operation on the weekly time frame is bearish. Last week, market operation broke down the horizontal support at the 1.06400 area (green), which is the upper boundary of the bigger 1.06400/1.03350 multi-year horizontal support zone seen on the monthly time frame. Based on the order flow and preceding technical patterns, we may see a bullish retest of a value area, such as the broken-down 1.07670 reaction area (blue), before further southward drive.
EURUSD price action on the daily time frame is bearish and operating at the upper part of the 1.06400/1.03350 multi-year horizontal support zone seen on the monthly time frame. Presently, it is in a sideway-mode with about 200 pips to the lower boundary of the zone. We may see a northward market engineering and bullish correction before a southward continuation as there is still room for further bearish drive towards the 1.03350 lower boundary.
I may be wrong. Trade safe and prosper.
KP
EURUSD is bearish. On the monthly time frame, market operation printed a relatively big bearish continuation candlestick in April. Presently, market operation is mid-way of the 1.06400/1.03350 multi-year horizontal support zone (green).
EURUSD market operation on the weekly time frame is bearish. Last week, market operation broke down the horizontal support at the 1.06400 area (green), which is the upper boundary of the bigger 1.06400/1.03350 multi-year horizontal support zone seen on the monthly time frame. Based on the order flow and preceding technical patterns, we may see a bullish retest of a value area, such as the broken-down 1.07670 reaction area (blue), before further southward drive.
EURUSD price action on the daily time frame is bearish and operating at the upper part of the 1.06400/1.03350 multi-year horizontal support zone seen on the monthly time frame. Presently, it is in a sideway-mode with about 200 pips to the lower boundary of the zone. We may see a northward market engineering and bullish correction before a southward continuation as there is still room for further bearish drive towards the 1.03350 lower boundary.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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