The EURUSD was indecisive this week, made a Doji on weekly chart. While my intraday bias remains to the downside as a part of the bearish scenario since fell from 1.4246, a look at a weekly chart would give us a broader view. As you can see on my weekly chart below, price is moving inside a triangle formation suggests a consolidation phase. The bearish movement hit the lower line of the triangle and 1.3211 two weeks ago but bounced a little bit higher and closed at 1.3384 on Friday. The lower line of the triangle and 1.3211 support area could be a strong support at this phase, but a clear break below the triangle could trigger further bearish scenario testing 1.3145 even January low at 1.2873. On the upside, key intraday resistance remains around 1.3520/30 (double top, hourly chart). If the lower line of the triangle hold and price breaks above 1.3520/30, further bullish pullback could occur as there is still enough space inside the triangle testing 1.3613, 1.3850 and the upper line of the triangle. CCI in negative territory but heading up a little bit higher above -100 level after price hit the lower line of the triangle suggests potential bullish correction. On fundamental side, the EU summit didn’t give much optimism so unless we have significant news that creates risk appetite sentiment next week, the pressure should remain to the downside for the single currency.
Have a great weekend and see you guys next week.
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