Weekly EURUSD analysis

Trading 06 oct 2019 Donner votre avis

EURUSD remains in a weekly bearish trend. Price bounced 100 pips from the 2019 lows at 1.0879 but bears remain in full control of the trend. Price remains inside the long-term wedge pattern and is heading towards the 78.6% Fibonacci retracement of the entire 1.0340-1.2555 rise.

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Black lines - resistance trend lines

Green line - major support trend line

EURUSD touched again the green trend line support and bounced. Price has broken below the 61.8% Fibonacci retracement and this is now resistance. Short-term resistance is found at the first black trend line at 1.1030. A weekly close above it will open the way towards the second black trend line resistance at 1.1190 where we also find the 61.8% Fibonacci level.

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In Ichimoku cloud terms as long as price is below 1.1065 bulls remain weak. A weekly close above it will open the way for a move towards 1.1150 at least with potential reaching the lower Kumo (cloud) boundary near 1.13. Long-term trend remains bearish but bears should lower stops and protect their profits as the bullish wedge pattern shown in the first chart could push price towards 1.14 if we see a break out above the wedge.

The material has been provided by InstaForex Company - www.instaforex.com

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