Hello traders, this upcoming week is one you don’t want to miss out on. Last week we saw the EUR/USD attempt to break 1.3290 but was pushed all the way back down to its current support at 1.3100. In order to get an accurate picture of the upcoming week we will first take a look at a weekly chart. Here we can see what looks very similar to last weeks chart. We still have weekly resistance at 1.3485, as well as weekly support at 1.2625. We can also see the weekly trend line. This pair has had several pull backs, but over all we can see it has been bearish. This upcoming week has the potential to continue this downtrend. If so, we will be looking to take profit at 1.2625 area. This area has support all the way back to august of 2010, which could cause some serious difficulty in the continuation of this downtrend.
Looking at the daily chart we get a more current view of price action. Here we can see that there is a beautiful daily bearish engulfing candle. This is strong indication of a downtrend. If this indeed does occur we could see some support around 1.2974. If this support holds no worth, then we will look to 1.2625 as a TP level. This level could pose a serious threat to the bearish downtrend. However, with the current news coming out of Greece, and the overall Euro Zone being brought into question, there is no way to really know how far this could drop. To some extent we will have to play this pair by ear.
Thank you for reading, I look forward to this upcoming week! We shall see what fortune brings us. If you could, I would really appreciate a few comments on my analysis. Whatever criticism you wish to give helps me become a better analyst. Any other comments are greatly appreciated as well. As a blogger whatever feedback I receive whether positive or negative is of great value.
Thank you again for reading!