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Weekly Timeframe:
Daily Timeframe:
EurUsd: By viewing the weekly time frame we can see we have been in a longterm down trend and testing our weekly trendline. Though we did close off a strong monthly bullish engulfing, we are testing strong areas of monthly support with a daily double top formation.
If price manages to break and close below our weekly support with the current bearish momentum we can anticipate further continuation to the downside. Inline with Euro fundamentals, it should be interesting to see how Deutsche Bank (Germanys largest bank) responds. If we manage to break above 1.12000 key psychological we can potentially see new highs forming.
(risk management is key)