URUSD Weekly Summary:
The EURUSD remains indecisive this week. We have three Dojis in the last three weeks indicates consolidation with no clear direction and consistent momentum. Last Saturday, I wrote about how CCI can not move consistently above 100 or below -100 and the situation remains the same so far, as you can see on my h4 chart below. This situation is similar to what happened around mid-August to mid-September before a new clear direction (bullish) can be seen from mid-September to the first week of October where CCI maintain position between zero line and above 100 indicates consistent, clear and strong bullish momentum. We still have the bearish channel since the bearish movement from 1.4158 so overall the bearish bias remains intact, unless price violate the bearish channel to the upside and consistently move above 1.4000 re-testing 1.4158 even 1.4400 region. On the downside, 1.3700 could be a key support level at this phase, and a clear movement below that area not only could trigger further bearish pressure, but a potential bearish reversal scenario at least testing 1.3600 – 1.3500 area. Smaller time frames like hourly and 30 minutes chart may still give benefits to intra-day traders for the upcoming week.
The EURUSD remains indecisive this week. We have three Dojis in the last three weeks indicates consolidation with no clear direction and consistent momentum. Last Saturday, I wrote about how CCI can not move consistently above 100 or below -100 and the situation remains the same so far, as you can see on my h4 chart below. This situation is similar to what happened around mid-August to mid-September before a new clear direction (bullish) can be seen from mid-September to the first week of October where CCI maintain position between zero line and above 100 indicates consistent, clear and strong bullish momentum. We still have the bearish channel since the bearish movement from 1.4158 so overall the bearish bias remains intact, unless price violate the bearish channel to the upside and consistently move above 1.4000 re-testing 1.4158 even 1.4400 region. On the downside, 1.3700 could be a key support level at this phase, and a clear movement below that area not only could trigger further bearish pressure, but a potential bearish reversal scenario at least testing 1.3600 – 1.3500 area. Smaller time frames like hourly and 30 minutes chart may still give benefits to intra-day traders for the upcoming week.