EURUSD Weekly Summary: Important supports broken, bearish correction likely to continue

By @ibtimes on

The EURUSD had a significant bearish correction this week, bottomed at 1.4308 and closed at 1.4314 after unable to make a clear break above 1.4900, made a huge bearish candle on the weekly chart. On daily chart below we can see two support regions had been broken to the downside: The bullish channel was violated and 23.6% Fibonacci retracement of 1.2873 – 1.4939 had been breached. This fact could continue the bearish correction testing 1.4150 (38.2%) even 1.4000. Immediate resistance at 1.4600 followed by 1.4750. Long term bullish scenario remains intact, but my short and medium term outlooks are now in a bearish mode.

Have a great weekend and see you guys next week.

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