The EURUSD was volatile but indecisive this week. Price attempted to push lower but whipsawed to the upside and closed higher at 1.4155 after found a support around 1.3850. My daily/h4 chart outlook remains unclear and we have to wait for further technical movement to see clearer direction so this time let’s see from a longer time frame outlook. On weekly chart below we can see price is still moving inside the major bullish channel since bullish run from 1.1875 but now is in a bearish correction phase since the fall from 1.4939. As long as price moves inside the bullish channel the major bullish scenario from 1.1875 remains intact. However price is actually making lower highs since hit 1.6038 (1.6038, 1.5143, 1.4939). The lower line of the bullish channel, 1.3850 support area and EMA 200 play important role as key supports. If those supports hold and price breaks above the minor bearish channel (blue) and 1.4577 resistance area, the 1.3850 could remain a bottom for several weeks ahead, give further upside outlook. On the other hand, a break below the bullish channel and a weekly close below EMA 200 could give a significant impact which could start a bearish weekly outlook. I personally prefer a bearish scenario but as long as Euro holds above those supports, the bearish scenario is still far enough.
Have a great weekend and see you guys next week.
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