The EURUSD had a bearish momentum yesterday bottomed at 1.2298 after breaks below 1.2385 support area following a better than expected US final GDP data. The bias is bearish in nearest term testing the lower line of a rising wedge formation as you can see on my H4 chart below located around 1.2280. A clear break below the rising wedge would expose 1.2175 key support area.
Immediate resistance is seen around 1.2385. A clear break back above that area could lead price to neutral zone in nearest term testing the upper line of the rising wedge formation. Overall I remain bullish but price is still trapped inside a 360-pip range area between 1.2537 – 1.2175 for more than 10 weeks now.
The EURUSD was indecisive yesterday. The bias remains bearish in nearest term. Price is now struggling around the lower/support line of the rising wedge formation located around 1.2280 as you can see on my H4 chart below which is a good place to buy with a tight stop loss below 1.2280.
Immediate resistance is seen around 1.2335. A clear break above that area could lead price to neutral zone in nearest term testing 1.2385 area. On the downside, a clear break below 1.2280 would confirm the rising wedge bearish scenario testing 1.2175 key support area which is a good place to buy with a tight stop loss as a clear break below 1.2175 would invalidate my major bullish trend.
The EURUSD was indecisive last week. Price attempted to push higher topped at 1.2476 but whipsawed to the downside and closed lower at 1.2320. Price is moving inside a rising wedge formation as you can see on my H4 chart below. The bias is neutral in nearest term probably with a little bearish bias testing the support line of the rising wedge located around 1.2280 which is a good place to buy with a tight stop loss as a clear break below 1.2280 would confirm the rising wedge bearish scenario testing 1.2175 key support.
Immediate resistance is seen around 1.2360. A clear break above that area could trigger further bullish pressure testing 1.2400/20 area. My major outlook remains bullish but price is still trapped inside a 360-pip range area between 1.2537 – 1.2175 for 11 weeks now.
The EURUSD was indecisive yesterday. The bias is neutral in nearest term. Price slipped below the support line of the rising wedge formation as you can see on my H4 chart below but still unable to break below 1.2280 support area which remains a good place to buy with a tight stop loss as a clear break below 1.2280 would confirm the rising wedge bearish scenario testing 1.2175 key support.
Immediate resistance is seen around 1.2350. A clear break and daily close above that area could trigger further bullish pressure testing 1.2400 – 1.2450 region.
The EURUSD attempted to push higher yesterday topped at 1.2335 but whipsawed to the downside and closed lower at 1.2268. Price broke below the rising wedge formation as you can see on my H4 chart below suggests a bearish outlook testing 1.2175 key support area which is a good place to buy with a tight stop loss as a clear break below that key support would invalidate my major bullish outlook.
Immediate resistance is seen around 1.2335. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear and invalidate the rising wedge bearish scenario.
The EURUSD was indecisive yesterday. Price attempted to push higher, revisits the lower line of the rising wedge formation as you can see on my H4 chart below, topped at 1.2314 but closed lower at 1.2276. This fact keeps the rising wedge bearish scenario intact testing 1.2175 key support area which remains a good place to buy with a tight stop loss.
Immediate resistance is seen around 1.2335. A clear break above that area would invalidate the rising wedge bearish scenario testing 1.2400 region. On the downside, a clear break and daily close below 1.2175 would invalidate my major bullish outlook.
The EURUSD had a bearish momentum yesterday bottomed at 1.2217 after broke below the rising wedge formation as you can see on my H4 chart below. The bias is bearish in nearest term testing 1.2175 key support area which remains a good place to buy with a tight stop loss.
Immediate resistance is seen around 1.2280 area. A clear break above that area could lead price to neutral zone in nearest term retesting the support line of the rising wedge and 1.2320 area. My major bullish outlook remains valid but price has been moving back and forth inside a 360-pip range area between 1.2537 – 1.2175 for 11 weeks now. A clear break and daily close below 1.2175 would invalidate my major bullish outlook.
The EURUSD had another indecisive movement last week. There are six consecutive indecisive candles on weekly chart indicates a choppy market. Short term bias remains bearish following the break below the rising wedge formation as you can see on my H4 chart below, testing 1.2175 region which is a good place to buy with a tight stop loss.
Immediate resistance is seen around 1.2320 region. A clear break above that area could trigger further bullish pressure testing 1.2385 area. Immediate support is seen around 1.2220. A clear break below that area could trigger further bearish pressure testing 1.2175 area. A clear break below 1.2175 would invalidate my major bullish outlook.
The EURUSD had a bullish momentum yesterday topped at 1.2329. The bias is bullish in nearest term. Price revisits the violated support line of the rising wedge formation as you can see on my H4 chart below, which could be a good place to sell with a tight stop loss as a movement back above the support line would invalidate the rising wedge bearish scenario.
Immediate resistance is seen around 1.2385. A clear break and daily close above that area would expose 1.2475 but key resistance remains at 1.2537 which need to be clearly broken to the upside to resume the major bullish trend. Immediate support is seen around 1.2290. A clear break below that area could lead price to neutral zone in nearest term and give the rising wedge bearish scenario another chance testing 1.2175 key support area which remains a good place to buy with a tight stop loss as a clear break below 1.2175 would invalidate my major bullish trend.
The EURUSD had a bullish momentum yesterday after broke above 1.2345, topped at 1.2394. The bias is bullish in nearest term. The H&S formation has already reached its technical target and no longer valid. However, note that 1.2395 region could be a strong resistance at this phase (potential double top) and good place to sell with a tight stop loss as a clear break above that level could trigger further bullish run testing 1.2475 region.
Immediate support is seen around 1.2345. A clear break back below that area could lead price to neutral zone in nearest term retesting 1.2298 which is a short term key support at this phase. Overall, as long as stay above 1.2175 my major technical outlook remains bullish.
