EURUSD Weekly Technical Outlook
The EURUSD market operation on the weekly time frame is sideways. Last week, it printed an indecision candlestick after bulls challenged the bearish charge at the 1.1575 horizontal support area.
The EURUSD price action on the daily time frame went sideways towards the end of last week after a bullish correction of the bearish retest of the 1.15750 horizontal support. The price action is presently located at the 78.6 fib retracement area of the bearish swing traceable to May 2021. We may still see further southward market engineering in the early part of this week.
The EURUSD price action on the H4 time frame is retesting the 1.16470 intra-day horizontal support. Bulls had corrected the bearish drive to the1.15750 longer-term horizontal support on Tuesday but bears pushed back on Friday to retest the 1.16470 intra-day horizontal support. We cannot rule out further southward market engineering in the early part of this week.
I may be wrong. Trade safe and prosper.
KP
The EURUSD market operation on the weekly time frame is sideways. Last week, it printed an indecision candlestick after bulls challenged the bearish charge at the 1.1575 horizontal support area.
The EURUSD price action on the daily time frame went sideways towards the end of last week after a bullish correction of the bearish retest of the 1.15750 horizontal support. The price action is presently located at the 78.6 fib retracement area of the bearish swing traceable to May 2021. We may still see further southward market engineering in the early part of this week.
The EURUSD price action on the H4 time frame is retesting the 1.16470 intra-day horizontal support. Bulls had corrected the bearish drive to the1.15750 longer-term horizontal support on Tuesday but bears pushed back on Friday to retest the 1.16470 intra-day horizontal support. We cannot rule out further southward market engineering in the early part of this week.
I may be wrong. Trade safe and prosper.
KP
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