Weekly reviews

Weekly EURUSD market technical outlook

EURUSD
Weekly chart:

Last week was closed quite arguably. From one hand we’ve seen new low (that confirms bearish tone of the trend). From the other hand, just false break of the support 1.1215-1.1233 was recorded (that can be interpreted as getting some buyers off the train).

Thus we have to track market reaction on the resistance 1.1300, where either sellers will regain control (watch the black arrow) or bulls will manage to gain a foothold above it, that might signify probable upward reversal of the trend.

Conclusions:

Main scenario: Pullback in direction of the 1.1300 level and then new decline in direction 1.1100 and 1.1000.

Alternative scenario: Breakthrough towards 1.1300 and stabilizing above this mark.

Trading recommendations:

Looking for sell signals during correction to the 1.1300 level.