EUR/USD Weekly Outlook

Despite edging higher to 1.3321 last week, EUR/USD lost momentum from there and retreated sharply. A short term top is likely in place with bearish divergence condition in 4 hours MACD. Initial bias is neutral this week with focus on 1.3028 support. Break there will indicate completion of the rebound from 1.2625 and bring retest of this support. Also, in that case, whole decline from 1.4939 is likely resuming for another low below 1.2625. On the upside, above 1.3321 will extend the rebound from 1.2625 towards 61.8% retracement of 1.4246 to 1.2625 at 1.3627.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: