Weekly Technical Analysis Report 12 July – EURUSD played out nicely with further upside seen this week

Weekly Technical Analysis Report 12 July  – EURUSD played out nicely with further upside seen this week

1. Last week’s call on EURUSD:

Outlook on EURUSD: Bullish play seen 
EURUSD is currently sitting on the weekly support zone, in line with the ascending trend line and 78.6% retracement. On the H4 time frame, prices broke above the short term descending trend line where a pullback in prices to the support zone at 1.18200 presents a buy opportunity. Keeping in mind the weekly time frame echoes a more bullish bias with prices holding well above the trend line, a break above the H4 resistance zone at 1.19200, in line with the 61.8% retracement, could see a further upside in prices, with our next resistance target at 1.19800.

EURUSD Charts (Note: Coloured candles represent our projection)
Before:

After:

Chart: https://www.tradingview.com/chart/EURUSD/g1zsDKL4-Outlook-on-EURUSD-Bullish-play-seen/

 

2. This week’s outlook on EURUSD

Outlook on EURUSD: Pullback presents a buy opportunity   
We maintain our bullish bias on EURUSD as prices are holding well above a key weekly support zone, in line with the ascending trend line and 78.6% retracement. On the H4 time frame, prices broke the short term resistance trend line and a pullback in prices to the support zone at 1.18200, in line with the 78.6% retracement presents a buy opportunity. Keeping in mind the weekly time frame echoes a more bullish view, a break above the H4 resistance zone at 1.19200, in line with the -27% and 61.8% retracement, could see a further upside in prices, with our next resistance target at 1.19800.

Outlook on EURUSD: Pullback presents a buy opportunity by Salzworth on TradingView.com