EURUSD Weekly Summary: Bearish momentum after consolidation, a potential further
The EURUSD had a bearish momentum this week, bottomed at 1.3573 and closed at 1.3689. A bearish momentum after four weeks of indecisive/consolidation movement could give us further bearish set up in upcoming week. On daily chart below we can see price break below the minor trend line support (blue) indicates potential bearish view in short/medium term outlook testing 1.3500 – 1.3333 and the major trend line support area (red). The market still volatile enough and any movement and/or daily close above 1.3700 could trigger further upside pullback testing 1.3850 – 1.3900 resistance area but I think overall we are in a bearish phase. OK, that’s it for now. Extreme weather lately and I don’t feel very well.
