This week, as you can see in my daily chart below, we had good example about how two simple classical technical tools (my favorite tools), a triple top formation and a trendline, can be very effective and profitable. Triple top signaled a bearish reversal scenario and the major trendline support breakdown confirmed it. My first bearish target, 1.4625 has been taken out. Next week, the nearest bearish target will be at 1.4450. A break below that area should trigger further weakness for the Euro towards 1.4250 area before aim for 1.4050 – 1.4000 area in longer term point of view. On the upside, resistance is seen around 1.4720 and 1.4820 area. Only break above 1.4820 area could be seen as bearish failure testing 1.4950 and 1.5140/50 area.
Have a great weekend and see you guys next week