EURUSD Weekly Summary

Overall, the EURUSD was able to maintain its bearish outlook this week. Opened at 1.2546 on Monday, price closed lower at 1.2270 on Friday in a volatile and difficult market, especially for intra-day trading activity. On daily chart below we can see that price still move below the major trendline support, keep the bearish scenario testing 1.2000 key support area intact.  However we have a strong support area around 1.2140/50 region where price bounced significantly higher after failed to move below that area in the last two weeks. Technically we need a clear break below that area to confirm the bearish continuation scenario towards 1.2000 area. On the upside, resistance is seen around 1.2470 followed by 1.2671 region. I think the situation lately shows that we need our patient and discipline more than any technical or fundamental factors. A difficult situation but give us a precious experience. Have a great weekend and see you guys next week.

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