Weekend analysis on the EURUSD
Could the EURUSD be heading to 1.1450 ??
Hope you are enjoying your weekend so far. Kiddos are doing their own stuff around the house, so my turn to just have a look at charts to prepare for next week. Let's do a full analysis on the EURUSD from the top.
Looking at the Daily chart, this pair has been on the uptrend since the beginning of the year. For the past 3-4 months, it has been ranging, consolidating and formed a reversal H&S pattern. Indicating that the trend could be changing.
Price consolidated and broke below the uptrend channel. Then on 26th Oct, the ECB decided to extend bond purchases but reduced from Euro 60B to 30B per month, kept interest rates low and ECB president Draghi jawboning the Euro down. Price confirmed the H&S patterns and broke lower.
Looking for the pair to retrace higher to take a short. Potentially at the 1.1700/25 support turned resistance levels. Also in our harmonic FB community, we spotted a bearish Shark Pattern on the H1 for a short.
I currently have a bearish bias on the pair based on the patterns and price movements shown in the charts above. Will monitor and trade accordingly next week.
Where can we potentially see EURUSD at ?? See the weekly chart below. Support turned resistance zone at 1.1450
Trade right and trade safe everyone !!