The EURUSD attempted to push higher this week, topped at 1.3536 but closed lower at 1.3391. While weekly and monthly chart don’t give us much clue, daily and h4 chart still suggest a bearish outlook. Price is still in a bullish correction phase since bounced from 1.3211 last week, moving inside a bullish channel as you can see on my h4 chart below but formed a double top formation (1.3520/30) and fell back below 1.3420 support area after the NFP on Friday. For the upcoming week, 1.3520/30 and the EMA 200 should be important resistance to be closely watched. A clear break and daily close above that area could continue the bullish correction testing 1.3613 even higher. On the downside, a clear break below the bullish channel and 1.3300 – 1.3270 support area could end the bullish correction phase testing 1.3145 even lower.
Have a great weekend and see you guys next week.
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