EUR/USD Weekly Technical Outlook

EUR/USD Weekly Technical Outlook



EUR/USD’s strong rise last week augurs a consolidation pattern from 1.1464 has completed at 1.1217 already.

Initial bias is on 1.1464 and breakout will confirm this.

In such case, EUR/USD will target 1.1713 resistance next. But, expect strong resistance from 38.2% Fibo retracement of 1.3993 to 1.0461 at 1.1810 to limit Northside and bring on a larger down trend resumption eventually.

On the Southside, a clear break of support at 1.1217 will signal a near term reversal.

The bigger picture

The overall price actions from 1.6039 long term top is seen as a technical corrective pattern with fall from 1.3993 as the 3rd leg. Price actions from 1.0461 are seen as a correction to fall from 1.3993. A clear break of 1.0461 will extend the decline from 1.3993.

On the Northside

A clear break of support at 1.2042 turned resistance is needed to be the 1st sign of a trend reversal. Baring that stay Bearish and expect a new low below 1.0461 later.

In the long term picture

Price actions from 1.6039, the Y 2008 high, is seen as a corrective move.

There is no clear technical sign that it is completed yet, so still expect more Southside towards 0.8223 low as long as 1.2042, the Key resistance holds.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

EUR/USD Weekly Chart

EUR/USD Monthly Chart

Have a terrific week.

Paul Ebeling

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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