Weekly outlook EUR / USD | Forex Action

EUR / USD remained consolidated compared to 1.0635 last week and the outlook is unchanged. The initial bias remains neutral this week first. On the upside, above 1.1008, a further rise will occur. But the rise should be limited by a 61.8% retracement from 1.1496 to 1.0635 to 1.1167. On the downside, the breakout of 1.0774 will target a test on the lowest of 1.0635.

Overall, as long as the resistance at 1.1496 continues, the total downward trend from 1.2555 (2018 high) should still be underway. The next target is 1.0339 (2017 low). However, a sustained break out of 1.1496 will mean that this downward trend is over. A rise from 1.0635 could then be considered as the third step of the model from 1.0339. In this case, the outlook will be bullish to retest 1.2555.

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In the long term, the outlook remains bearish for the time being. EUR / USD is kept below the trend line of a decade which started from 1.6039 (2008 high). It was also rejected by a 38.2% retracement from 1.6039 to 1.0339 to 1.2516 previously. At the break of 1.0339, the next target will be a 100% projection of 1.3993 to 1.0339 against 1.2555 to 0.8901.


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