The EURUSD failed to continue its bullish momentum this week. A false breakout above the triangle triggered significant bearish momentum and closed lower at 1.4261 on Friday. As long as price moves inside the triangle price is still in a consolidation phase but the false breakout change my intraday bias back to bearish testing the lower line of the triangle which is a key support area at this phase beside 1.4000 psychological level. On the upside, immediate resistance is seen around 1.4400 (38.2% Fibonacci retracement of 1.4102 – 1.4577) followed by the upper line of the triangle.
Have a great weekend and see you guys next week.
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