Weekly Technical Analysis Report 16 February – EURUSD played out nicely, bearish play seen on USDCAD
Weekly Technical Analysis Report 16 February – EURUSD played out nicely, bearish play seen on USDCAD
1. Last week’s outlook on EURUSD: Bearish play seen
On the H4 time frame, prices reversed below a key resistance zone with the supply chain being formed and respected on the M30 time frame. A pullback to test the resistance zone 1.14408, in line with the descending trend line, 78.6% Fibonacci retracement, 78.6% and 127.2% Fibonacci extension presents an opportunity to play the drop to the next support target at 1.13027, which coincides with the 50% Fibonacci retracement.
EURUSD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/EURUSD/WavlTTjh-Outlook-on-EURUSD-Bearish-play-seen/
2. This week’s outlook on USDCAD: Bearish play seen
On the daily time frame, prices are holding below a key resistance area where we could further downside in prices. On the H1 time frame, a pullback to the resistance zone at 1.27028 in line with the 23.6% Fibonacci retracement presents an opportunity to sell with 1.26362 as the support target. The Stochastics is also reversing below its resistance at 92.50 and Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Outlook on USDCAD: Bearish play seen by Salzworth on TradingView.com
