EURUSD Weekly Summary:
The EURUSD had a significant bullish momentum this week, topped at 1.3158 but close lower at 1.3048 after bad US CPI and consumer sentiment numbers triggered risk aversion stopped the bullish momentum on Friday. On weekly chart below we can see price is now testing the trend line resistance and struggling around 38.2% Fibonacci retracement of 1.5140 1.1876. Overall the short-medium term bias remains bullish but long term bearish scenario remains intact. Break above the trend line resistance and consistent movement above 38.2% Fibo retracement could trigger further bullish scenario testing the 50% Fibo retracement which is located around 1.3500 region. Immediate support at 1.2900 region. Break below that area could trigger further bearish pressure testing 1.2587 region. The risk aversion appetite sentiment took center stage again and likely to remain that way in upcoming week. Have a great weekend and see you guys next week.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.