The EURUSD has another bearish week, bottomed at 1.4260 yesterday. My bearish target at 1.4250 is considered reached. Although technical view remains bearish and I don’t see any significant bullish correction signal so far, I think it’s time to think about the possibility of an upside correction in the upcoming week. Always look at both sides of the story.
On my weekly chart below, price has been bearish in the last three weeks after failed to break above 1.5143 area and now seems...
The EURUSD had a significant bearish momentum after much better than expected employment data on Friday. US Non Farm Payroll made a huge surprise by fall only -11K in November while unemployment rate fall at 10%. Price bottomed at 1.4821 and closed at 1.4857. On daily chart below we can see that price slipped below my major trendline support indicating critical technical phase which could be a serious threat to the bullish outlook. However, note that we need a consistent move below the...
This week, the bullish momentum of the EURUSD was limited as price refused to break above 1.5150 resistance area, hit the low at 1.4827 but bullish momentum regain some strength and closed higher at 1.4985 yesterday. My strategy to place a long position if price move near the trendline support or 1.4850/20 area with tight stop loss proved to be a good strategy . On my daily chart below, we can see that the trendline support and 1.4850/20 area provided a good support at this phase as price...
