Overview:
Watch the video for a summary of this week’s news releases, a review of the USD Index, and a complete top down analysis of the EURUSD.
EURUSD Weekly:
Weekly support at 1.1168, resistance at 1.1524.
Weekly chart is in a downtrend showing lower tops and bottoms. Price declined last week and closed below the 1.1500 level.
Long term weekly double top pattern remains in play, price projection target for the weekly double top pattern is 1.1165.
EURUSD Daily:
Daily support at 1.1168, resistance at 1.1513 and 1.1535.
Daily chart is in a downtrend showing lower tops and bottoms. Watch for price to rally back to the 1.1513 to 1.1535 weekly/daily resistance area.
Price failing at the 1.1513 to 1.1535 resistance area would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.
Long term price projection target for the weekly double top pattern remains at 1.1165.
EURUSD 4 Hour:
4 Hour resistance at 1.1433 and 1.1464.
Watch for price to rally back to either 1.1433 or 1.1464, 4 hour resistance.
Price failing at either 1.1433 or 1.1464 resistance would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.
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