EURUSD weekly outlook, by Liviu Flesar
The dollar advanced breaking through the key support at 1.2000 on Friday due NFP release, reaching also the upward trendline formed on the daily charts and seen on the picture below.
Since the daily bar didn’t close below 1.2000 we expect to see a resume of the ranging moves above 1.2000 before a potential full breach.
On the other hand, a resume of the upward move towards 1.2300 and above wouldn’t be a surprise at all, considering the test at 1.2000 a full 50 % fib retracement of the 1.1650-1.2320 move.
Important support for the upcoming days is seen at 1.2000 again and below, at 1.1900. A full break of 1.2 may encourage further falls to 1.18 and even lower. Resistance emerges at 1.2100 and 1.2160. More important resistance is seen at 1.2300 Both daily and hourly studies are bearish. Interim resistance is formed on the 4hr charts by the downward trendline started at 1.2270 extended through the highs of the last week and now seen in the 1.2070 area.
EURUSD daily chart:
