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.
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