The EURUSD failed to continue it’s bullish momentum yesterday, unable to move above 1.4336 key resistance level. This fact should keep the bearish reversal warning intact. While the bullish momentum is limited, I see three technical bearish reversal warning as you can see on weekly chart below. I already told you about two of them, shooting star candlestick pattern and CCI divergence on Monday (August 10), and now I see another bearish reversal warning, a rising wedge. I will pay attention to these levels next week: 1.4336 resistance and 1.4050/00 support. Although I prefer a downside scenario, any movement above 1.4336 should be considered as bearish reversal failure. On the other hand, a clear break below 1.4050/00 area should confirm the bearish reversal scenario re-testing key support level 1.3750. Have a great weekend and see you guys next week.
Join the Discussion