Another week, another round of consolidation for EURUSD.
The pair continued to pressure the 1.0770/80 support area last week, a level that aligns with the multi-year trend line from the 2000 lows.
As I’ve said for weeks, sellers need to clear that 1.0750 region on a monthly closing basis to confirm the breakdown in the multi-decade uptrend.
Of course, a daily close below wedge support shown below would also be bearish in the short-term.
Key resistance for the week ahead comes in at 1.0900.
The pair continued to pressure the 1.0770/80 support area last week, a level that aligns with the multi-year trend line from the 2000 lows.
As I’ve said for weeks, sellers need to clear that 1.0750 region on a monthly closing basis to confirm the breakdown in the multi-decade uptrend.
Of course, a daily close below wedge support shown below would also be bearish in the short-term.
Key resistance for the week ahead comes in at 1.0900.