The EURUSD failed to continue it’s bullish momentum yesterday. Like I said, the pair need a consistent movement above 1.4850 area to confirm the bullish scenario towards 1.5000 area, something that didn’t happen yesterday. So, what is the plan for the upcoming week?
Just like this week, the trendline support area will be my technical focus next week, as you can see on my daily chart below, after failed to stay consistently above 1.4850 area price is now moving lower re-testing the trendline support once again. 1.5060/80 resistance area (circled) seems to be an important resistance as price keep moving lower after fail to break above that area. A break below the trendline should trigger further bearish scenario towards 1.4450 area. As long as the trendline support hold, the bullish scenario should remains intact but I think the bullish exhaustion warning and downside pressure is also still there.
Have a great weekend and see you guys next week