Since end of July the price is stuck between 1,16-1,20 price zone and EURUSD is trading sideways, however the trend on higher timeframe is still bullish .
Recent price action indicates that there was a possible false breakdown below 1,17000 price and we might see further weakening of the greenback .
1,17400 - 1,17770 is the closest price...
AUDCAD achieved our bullish target last week at 1.02542 for a total of 227 pips. However the outlook is still bullish and we believe more upside momentum is to come. Target is 1.03681 first. Price close below 1.00984 will invalidate this view.
Price Action is entering an area which caused a large move away in the higher time frames. I've zoomed in and found a promising opportunity to sell.
If time/schedule permits I'll watch for an opportunity to trail stop.
$EURUSD attempted rally last week was answered by strong selling near weekly resistance.
In this week's Weekly Markets Analysis I discuss about to possible trading scenarios for the $EURUSD:
1. Bullish - AB=CD aggressive buy setup
2. Bearish - Trend continuation towards 78.6 Fibonacci level.