I hope your good traders, and ready for the week ahead!
The Euro has weekly candle engulfed the previous week's candle to the upside, this is largely due to the weakening of the US dollar currency. Technically, the price has tested the key external trendline with the third drive as a new lower high formed, which is also in confluence with the 61.8% fib level as part of the ABC pattern. Due to the fact that price has been extremely bearish with continuous lower highs and lower lows, as well as the fundamental sentiment around the EU been negative, many investors may be pessimistic about the strength of the euro right now. However, well closely monitor price action to see if a daily bullish engulfing candle could break and close above the counter trendline to test the dynamic resistance level of 1.14000 or if the price may show further weakness to the downside.
The Euro has weekly candle engulfed the previous week's candle to the upside, this is largely due to the weakening of the US dollar currency. Technically, the price has tested the key external trendline with the third drive as a new lower high formed, which is also in confluence with the 61.8% fib level as part of the ABC pattern. Due to the fact that price has been extremely bearish with continuous lower highs and lower lows, as well as the fundamental sentiment around the EU been negative, many investors may be pessimistic about the strength of the euro right now. However, well closely monitor price action to see if a daily bullish engulfing candle could break and close above the counter trendline to test the dynamic resistance level of 1.14000 or if the price may show further weakness to the downside.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.