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Weekly EUR/USD analysis 21-25

By JohnLast 3009 days ago

EUR/USD failed to sustain upward momentum last week and the trading remained in a  consolidation area between 1.325 and 1.34. The 1.325 level is the support, and the 1.34 level is the resistance.

Main Weekly Resistence 1,34, 1.35

Main Weekly Support 1.325,1.32, 1.31, 1,30

Trading outlook:

In the last week outlook I recommended caution because a deeper correction is possible in this moment. That is why recommended either very short stop (1.320 betting for increase of momentum) or a deeper stop (deeper stop below 1.30), a daily close below 1.30 would negate from a technical perspective the bullish bias in the market opening the way to a deep decline or wider oscillating patterns.

Elementary Elliott wave count: We see 5 very well formed waves from 14.11.2012. Even if you may not follow Elliott waves an abvious pattern should be accounted.

The market has closed in the middle of the weekly trading range. The logical solution is to wait a break - out from the trading range for a break - out trading opportunity.


Here you can see a pending buy stop order with a stop below the closest support level. От technical outllok


The signal of this indicator is not valid until the day close, here  the market is not open open, I will not pay attention to it unless there is a brek-out. От technical outllok

I think after Monday we will have a more clear picture for the week.