The EURUSD corrected higher last week, topped at 1.2589, bottomed at 1.2294 and closed at 1.2504!!
So far, the bias remains neutral in short term, immediate support is seen around 1.2460/40, a clear break below that level could be a threat to the bullish correction and might trigger further weakness testing the lower line of the upward channel!!!
On the upside, a clear break above 1.2550 zone could trigger further gains testing 1.2625/50 zone!!!
Conclusion : EURUSD’s fall from 1.2589 short term top - is still active and further loses could be seen testing 1.2440 area , but remember rebound from 1.2042 is still in progress and could lead for more bullish move as long as the pair trades inside the bullish channel, a clear break below the lower line of the bullish channel means that rebound from 1.2042 has completed , then we should see more bearish move testing the psychological level 1.2000 even lower, but in return a clear break with stability above 1.2550/60 zone would mean that rebound from 1.2042 has not completed yet and further gains could be seen testing 1.2625/50 zone before setting the final top ?!!!!
Recommendations for this week:
Above 1.2550 the pair is bullish, expected target is around 1.2600/50 zones...
Below 1.2460 the pair is bearish, expected target is around 1.2400/1.2350 zones...