AlkalineFX

EURUSD Outlook

Short
FX:EURUSD   Euro / U.S. Dollar
EURUSD (Weekly) candle closure was a bullish engulf leaving a large wick. From my experience backtesting I have found that usually these wicks tend to get filled, that is why I haven’t pursued any shorting opportunities as of yet. The 1.10000 Level is being respected highly with several previous wick rejections, bear this level in mind if you are looking to trade the EURUSD next week.

EURUSD (Daily) - As you can see, we are still caught in a range with price bouncing back and forth from support and resistance levels.

EURUSD (4HR) - I will be monitoring this pair next week expecting pullbacks to at least the 0.5% Fib Level, if we get nice rejections from here then I may be looking to enter the market with a sell position. But I need to bear in mind the weekly candlestick closure and monitor price action.



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