The EURUSD had another indecisive movement this week, made another Doji on weekly chart. There are no changes in my technical outlook where overall price is still in a consolidation phase, a non trending market. As you can see on my h4 chart below price still trapped inside the triangle formation and need a clear break from the triangle to see clearer direction. Price is still making lower highs since the fall from 1.4939 so actually the bearish correction scenario remains intact. Key support area is seen around 1.4150 – 1.4100 region. On the upside, immediate resistance is seen around 1.4300 followed by 1.4400 (Wednesday’s high) and the upper line of the triangle. A valid break below the triangle could lead price to a new bearish phase. On the other hand, a valid break above the triangle could end the bearish correction phase and continue the major bullish scenario which has started from 1.1875.
Have a great weekend and see you guys next week.
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