EURUSD Weekly Outlook

As we look at the charts last week, the weekly closing turned out to be a doji, which leads to indecision in market, but if we consider it has made new low last week and yet to make a new high, this means that downtrend is still in place.

Technically this pair is still trading below 1.2781 key level which is a strong resistance and a 38.2 fib level from its low of 1.1881 to 1.3337. For bullish reversal confirmation, EURUSD weekly close needs to be above 1.2781. The next support for EURUSD can be seen at 1.2609 which also 50.0 fib from it’s 1.3337 high. Ironically, it was also close to last weeks low of 1.2586. EURUSD bounced from that level.

We are bearish at this point until we see the clear sign of upward move.

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