EURUSD Weekly Technical Outlook
There is a decline in bullish momentum on the EURUSD market. On the weekly time frame, EURUSD market operation made a bullish retest of the 1.05420/1.08020 horizontal resistance zone (purple) but failed to follow through. Two weeks ago, the bullish print in the zone had a long upper shadow, indicating a relatively strong bearish challenge. Besides, last week’s bullish candlestick was miniature in size and was limited to the lower part of the zone. Apparently, market operation is finding it difficult to navigate further northward within the zone, which technically may incentivize a southward turnaround.
EURUSD price action met bearish rejection after making a bullish retest of the 1.07480/1.06670 supply (red) on the daily time frame, which is nestled in the 1.05420/1.08020 horizontal resistance zone (purple) seen on the weekly time frame. Presently, price action is sideways below the daily supply but within the lower part of the horizontal resistance zone seen on the weekly time. Technically, such a zone would imminently witness further bearish pushback, and this may lead to a southward turnaround.
EURUSD price action on the H4 time frame has turned sideways after a bearish pushback as it navigates a confluence of daily and weekly resistance areas, and we may soon see a southward rotation.
I may be wrong. Trade safe and prosper.
KP
There is a decline in bullish momentum on the EURUSD market. On the weekly time frame, EURUSD market operation made a bullish retest of the 1.05420/1.08020 horizontal resistance zone (purple) but failed to follow through. Two weeks ago, the bullish print in the zone had a long upper shadow, indicating a relatively strong bearish challenge. Besides, last week’s bullish candlestick was miniature in size and was limited to the lower part of the zone. Apparently, market operation is finding it difficult to navigate further northward within the zone, which technically may incentivize a southward turnaround.
EURUSD price action met bearish rejection after making a bullish retest of the 1.07480/1.06670 supply (red) on the daily time frame, which is nestled in the 1.05420/1.08020 horizontal resistance zone (purple) seen on the weekly time frame. Presently, price action is sideways below the daily supply but within the lower part of the horizontal resistance zone seen on the weekly time. Technically, such a zone would imminently witness further bearish pushback, and this may lead to a southward turnaround.
EURUSD price action on the H4 time frame has turned sideways after a bearish pushback as it navigates a confluence of daily and weekly resistance areas, and we may soon see a southward rotation.
I may be wrong. Trade safe and prosper.
KP
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