EURUSD TECHNICAL ANALYSIS
Here is a EURUSD Technical Analysis on the weekly time frame. It is a major currency pair and one of the 21 currency pairs that we cover in our Forex Signals App that is available on both Android and iTunes. You can also view the Forex Signals App video demo.
EURUSD on the Weekly Time Frame
Price is currently meeting dynamic resistance in the form of 200 ema. On top of that the slanting line resistance that stretches all the way back from 2nd January 2017 can also be seen.
MACD histogram is still below the zero line but it is in an up cycle and is in green.
The coming week is pivotal for this pair. It needs to break above the 200 ema and close above it for more bullish price action to take place.
If price fails to close above 200 ema, we may see the pair drop back down to test the 50% Fibonacci level at the 1.1545 mark.
We will update on another EURUSD Technical Analysis in a new post if we see something important.
Additional points on EURUSD
A break above 1.1800 will trigger a liquidation of US dollar longs. One of the main focus in Europe next week will be the budget discussions that have been ongoing between Italy’s populist government. Recent details from government officials indicate that the planned fiscal expansion is not going to be aggressive and will instead be more modest in the coming year.
The Fed will also be having their policy meeting. They have been giving a strong indication of another rate hike in December and will also be more concerned with the ongoing trade war tensions between the US and China which is seen as weighing on the US dollar.
We believe that upside risks remains as long as the 1.1520 zone holds and price trades above that.
We are NEUTRAL to slightly bullish on the EURUSD at the moment and we are observing for more bullish momentum. It will not surprise us if price consolidates at around the current price level.
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