The EURUSD had another indecisive movement this week. The bullish phase since bounced from 1.2625 and broke above the 200-4 hour-EMA remains intact, but the bullish run has been disappointing in the last two weeks, moving in a sideways condition. The failure to test 1.3375 and movement back below 1.3200 could lead price to further bearish pullback especially if price able to make a clear break and daily close below 1.3150 (Friday’s low at 1.3154) testing 1.3085 key support area which located around a trend line support and 200-4 hour-EMA as you can see on my h4 chart below. From a daily chart perspective, the bullish movement from 1.2625 should be seen just as a corrective movement and a clear break back below the trend line support and 200-4 hour-EMA will give me a good reason to reactivate my bearish mode. On the upside, we need a clear break at least above 1.3300 to keep the bullish phase remains strong testing 1.3375 and could open the door for further bullish run testing 1.3500 region.
Have a great weekend and see you guys next week.
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