As you can see on my weekly chart below, the EURUSD made another Doji this week, indicating another indecisive movement which has been happening in the last three weeks. The bearish channel indicates the major bearish scenario remains intact. However technically I see potential bullish reversal scenario indicated by the triple bottom formation around 1.3450/00 area which is at the same time a 61.8% Fibonacci retracement of 1.2327 – 1.5140 at least testing 1.3850 and the upper line of the bearish channel.
So what will happen next week might be crucial and have serious impact to the long term technical outlook. Break above 1.3850 area and violation to the bearish channel should confirm the bullish reversal scenario towards 1.4075 area, while a breakdown below 1.3450/00 area should be seen as triple bottom bullish reversal scenario failure thus potentially trigger significant further bearish scenario targeting 1.3100 area.
Have a great weekend and see you guys next week!