EURUSD Choppy Action before Bearish Trend
So it was a slow week for EURUSD, a slow week all across the board to be honest. Hopefully things pick up a little next week, however with EURUSD I'm only seeing indications of choppy action. It hit the yearly high-trendline 2 weeks ago and since then and has been choppy. Many thought a head and shoulders formed on the pair, however price failed to close below the neckline, indicating that it could still bounce. If the neckline is closed below of, a long term sell off will occur of the pair. However if the wedge that has formed is broken to the upside, the pair will likely find support at the trendline to the all-time highs indicated in the alternative-TP.
Fundamentals:
- Dollar (DXY) is getting stronger and has found a key-level of support above 97.3. More bullish action is expected on the dollar next week.
- Second waves of virus fears has been reflected in the markets indecision last week creating candlesticks such as Doji's and Pinbars. This is not uncommon.
- Consumer confidence is released by the ECB next week on Monday, this could likely provide the euro with some pressure.
Fundamentals:
- Dollar (DXY) is getting stronger and has found a key-level of support above 97.3. More bullish action is expected on the dollar next week.
- Second waves of virus fears has been reflected in the markets indecision last week creating candlesticks such as Doji's and Pinbars. This is not uncommon.
- Consumer confidence is released by the ECB next week on Monday, this could likely provide the euro with some pressure.
Trade active:
Alternative Scenario likely.