Weekly Technical Analysis Report 17 September – EURUSD played out nicely, bullish play seen this week
Weekly Technical Analysis Report 17 September – EURUSD played out nicely, bullish play seen this week
1. Last week’s outlook on EURUSD: Bearish play seen
On the H4 time frame, prices are testing a key resistance zone, in line with the graphical high, with further downside seen below this level. On the M30 time frame, a pullback to test its resistance zone at 1.18888, in line with the 78.6% Fibonacci retracement and 127.2% Fibonacci extension presents an opportunity to play the drop to the next support target at 1.18450, in line with the -27.2% Fibonacci retracement.
EURUSD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/EURUSD/Vhad377X-Outlook-on-EURUSD-Bearish-play-seen/
2. This week’s outlook on EURUSD: Bullish play seen
Prices are sitting on a key 61.8% Fibonacci retracement which lines up with our graphical support low. A pullback to test the support zone at 1.1758 presents an opportunity to play the bounce. We do caution the limited upside as of now as prices are still holding below the descending trend line and a break above that is needed for further bullish momentum to be seen.
Outlook on EURUSD: Bullish play seen by Salzworth on TradingView.com
