EURUSD WEEKLY PRICE ACTION AS OF FRIDAY 03/31/2017
TWO COMPLIMENTARY ANALYSES THIS WEEK
First analysis analyzes the rally from mid February to current week.
Second analysis analyzes the up trend starting late December 2016.
First Analysis:
1. Latest weekly candle failed to make a higher high (HH) and a higher Low (HL) to indicate the continuation of the upward rally from mid February 2017. Instead, the latest candle made a lower low (LL small font) to indicate the end of the current upward rally and the beginning of a period of consolidation.
2. Once a rally has ended the market enters into a period of consolidation until a new trend emerges.
Second Analysis:
The latest weekly candle made a higher high (HH) and a higher low (HL larger font) to indicate an upward trend starting in late 2016.
Complimentary Analysis:
Expect a short period of consolidation followed by the continuation of the upward trend. Longer term Price Target of 1.14750 remains possible by June 2017.
TWO COMPLIMENTARY ANALYSES THIS WEEK
First analysis analyzes the rally from mid February to current week.
Second analysis analyzes the up trend starting late December 2016.
First Analysis:
1. Latest weekly candle failed to make a higher high (HH) and a higher Low (HL) to indicate the continuation of the upward rally from mid February 2017. Instead, the latest candle made a lower low (LL small font) to indicate the end of the current upward rally and the beginning of a period of consolidation.
2. Once a rally has ended the market enters into a period of consolidation until a new trend emerges.
Second Analysis:
The latest weekly candle made a higher high (HH) and a higher low (HL larger font) to indicate an upward trend starting in late 2016.
Complimentary Analysis:
Expect a short period of consolidation followed by the continuation of the upward trend. Longer term Price Target of 1.14750 remains possible by June 2017.