Hi guys,
I'm not new to Forex Factory although my number of posts suggested otherwise. In this thread I will share my weekly outlook. Please feel free to share yours as well so traders can get a picture of the week ahead for the currency pair. Happy trading.
After two weeks of good rally for the Euro, the pair has turned to the downside where the price briefly breached the 161.10 resistance and then quickly reversed. If the rejection at 0.618 Fibonacci level from 166.65 to 152.11 holds true, I expect the movement to turn to the downside. A failure to close above the 55-EMA on the weekly chart also proved that the bears have come back for another push towards 152.11. Immediate support seen at 156.84 area while a break at 155.64 could see the price action retest the low at 152.11 (that's about 500 over pips from the spot price now). On the upside, 158.57 zone likely be the next immediate resistance. Bias on the downside for the next few days.
I'm not new to Forex Factory although my number of posts suggested otherwise. In this thread I will share my weekly outlook. Please feel free to share yours as well so traders can get a picture of the week ahead for the currency pair. Happy trading.
After two weeks of good rally for the Euro, the pair has turned to the downside where the price briefly breached the 161.10 resistance and then quickly reversed. If the rejection at 0.618 Fibonacci level from 166.65 to 152.11 holds true, I expect the movement to turn to the downside. A failure to close above the 55-EMA on the weekly chart also proved that the bears have come back for another push towards 152.11. Immediate support seen at 156.84 area while a break at 155.64 could see the price action retest the low at 152.11 (that's about 500 over pips from the spot price now). On the upside, 158.57 zone likely be the next immediate resistance. Bias on the downside for the next few days.
Unless you enter the tiger's den you cannot take the cubs.