EURUSD: A Daily Chart Outlook

The EURUSD had a bearish momentum this week, but still unable to break below 1.3000 so far. While short term bias remains bearish, daily/weekly outlook shows a sideways condition, moving between 1.3484 – 1.3000 in the last ten weeks.  The bullish momentum after bounced from 1.2625  in January found a good resistance at the EMA 200, keep the major/daily bearish outlook intact.  For the upcoming week, 1.3000 is a key support. A clear break and weekly close below 1.3000 could trigger further bearish scenario testing 1.2625. On the upside, immediate resistance is seen around 1.3200 – 1.3240. A clear break back above that area would keep price inside the range area a little bit longer retesting the EMA 200. CCI just cross below -100 level suggests potential bearish view.

Have a great weekend and see you guys next week.

 

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