Per 4 hour EURUSD chart, in my opinion this pair will be bearish next week for the following reasons:
1)PA hit a major resistance area of 1.13500 & turned bearish for last 6 candlesticks or 24 hours on chart.
2) Last three candlesticks on chart were DOJI's of undecided on future direction
3) Last week from 8th to 12th PA was bullish & stalled at a major resistance area.
4) RSI (default of 14) shows upward wedge chart pattern just having been broken to downside
5) Fib. Retracement 50% level is around 1.12000, which I see pair going down to this week (major SUPPORT level)
On shorter time frame trades, will be look at BEARISH opportunities next week, until price action hits 50% to 61.8% zone on fib. retracement placed on top of this chart. Afterwards, then a reversal to the bullish side on pair. Good Luck.
1)PA hit a major resistance area of 1.13500 & turned bearish for last 6 candlesticks or 24 hours on chart.
2) Last three candlesticks on chart were DOJI's of undecided on future direction
3) Last week from 8th to 12th PA was bullish & stalled at a major resistance area.
4) RSI (default of 14) shows upward wedge chart pattern just having been broken to downside
5) Fib. Retracement 50% level is around 1.12000, which I see pair going down to this week (major SUPPORT level)
On shorter time frame trades, will be look at BEARISH opportunities next week, until price action hits 50% to 61.8% zone on fib. retracement placed on top of this chart. Afterwards, then a reversal to the bullish side on pair. Good Luck.