Weekly reviews

EURUSD market technical outlook

EURUSD

Weekly chart:

As it was expected, an upswing has started, which faced the strong pivot-zone 1.1510-1.1522 last week. Now, bulls’ target is to break the high 1.1569 and in case of success an upward reversal of the trend will be performed with a perspective of further gains in direction 1.1733-1.1792 (watch the blue arrow).

Until that bears will keep the chance to retain downward tone of the mid-term trend (watch the black arrow).

Conclusions:

Main scenario: Break of the 1.1569 resistance and further growth in direction 1.1733-1.1792.

Alternative scenario: Downward bounce from the 1,1569 level and decline in direction 1.1300.

Trading recommendations:

  1. Longs in direction 1.1733-1.1792.

  2. In case of inability to go above 1.1569 - shorts towards 1.1300.