EU Weekly Analysis

Oct 7, 2018

Weekly: Following last week's Bearish Engulfing candlestick, the pair has challenged range bottom at 1.151 region. The pair has failed to closed below it on the Weekly Candle. This indicates that the pair has found some level of cushion on the support.

Daily: The pair has break below the range at support 1.152 region with a strong Bearish Candlestick. Following the break, the pair has printed 2 small Inside Bar right below the support turned resistance. If the pair push above back into the range, it will likely retest the upside around 1.16 region where it will meet the Dynamic Resistance and the 50-60% resistance. More confirmation is needed in the lower TF.
H4: We can see that the pair has broken above the downtrend and retested the break. This will expose the pair to the upside at 1.16 as it enter a potential correction rally. The resistance at 1.16 is also the confluence point for the 50-60% and the Dynamic Resistance.