Focus on MA line (resistance) and trading channel (support)
EURUSD is stalling between 1.11 and 1.13 following a down trend line breakout.
For about a month now EURUSD has been consolidating and it can end this week with speeches from Draghi, Yellen and the U.S GDP number (impact on the Dollar and therefore EURUSD).
1.12 is the nearest resistance zone - The Fast MA line is the technical element to focus on
From below we have the bottom of a trading channel (pink) as potential support.
A breakdown of the trading channel will probably lead EURUSD towards 1.11 and maybe even towards 1.1
A breakout above 1.12 will trigger a bullish move that can end with a re-test of the weekly resistance zone 1.14-1.15
Read more about EURUSD, DXY, GLD and SPX in this week's newsletter
#WeeklyMarketsAnalysis on Twitter
For about a month now EURUSD has been consolidating and it can end this week with speeches from Draghi, Yellen and the U.S GDP number (impact on the Dollar and therefore EURUSD).
1.12 is the nearest resistance zone - The Fast MA line is the technical element to focus on
From below we have the bottom of a trading channel (pink) as potential support.
A breakdown of the trading channel will probably lead EURUSD towards 1.11 and maybe even towards 1.1
A breakout above 1.12 will trigger a bullish move that can end with a re-test of the weekly resistance zone 1.14-1.15
Read more about EURUSD, DXY, GLD and SPX in this week's newsletter
#WeeklyMarketsAnalysis on Twitter