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EURUSD Weekly Summary The EURUSD had a bullish momentum this week and now struggling around the upper line of my triangle formation as you can see on my daily chart below. Price is now in a critical technical point. My overall intraday bias is now bullish. A clear break above the triangle and 1.4550 resistance area could trigger further bullish scenario at least testing 1.4695 region. On the downside, immediate support is seen around 1.4450 – 1.4400. A failure to make a break above the triangle and clear break below that support area would keep my medium term outlook unclear and give another chance for another downside attempt testing 1.4320 even the lower line of the triangle.

Have a great weekend and see you guys next week.

EURUSD Weekly Summary: The EURUSD had a significant bullish momentum this week, topped at 1.3158 but close lower at 1.3048 after bad US CPI and consumer sentiment numbers triggered risk aversion stopped the bullish momentum on Friday. On weekly chart below we can see price is now testing the trend line resistance and struggling around 38.2% Fibonacci retracement of 1.5140 – 1.1876. Overall the short-medium term bias remains bullish but long term bearish scenario remains intact. Break above the trend line resistance and consistent movement above 38.2% Fibo retracement could trigger further bullish scenario testing the 50% Fibo retracement which is located around 1.3500 region.  Immediate support at 1.2900 region. Break below that area could trigger further bearish pressure testing 1.2587 region. The risk aversion – appetite sentiment took center stage again and likely to remain that way in upcoming week.

Have a great weekend and see you guys next week.

EURUSD Weekly Summary: The EUR/USD bearish pressure was paused this week. On h4 chart below we can see that price is now testing the upper line of the bearish channel. Violation to the upside of the bearish channel could be a serious threat to the bearish outlook but I still believe that only a movement above the right shoulder of the “head and shoulders” formation around 1.2930 will cancel my bearish technical outlook. We also have a rising wedge formation inside the bearish channel. A break below the rising wedge confirms the bearish continuation targeting 1.2523 – 1.2470 region.

Have a great weekend and see you guys next week.