Price Action Perspectives: EUR/ USD The topic of discussion is the EUR/USD currency pairs price behaviour analysis. I have an
intricate technical outlook for the upcoming trading week on my daily chart.
Short-term traders should be likely for a volatile ride from Monday following Thursdays downward trend. That may carry
significant margin responsibilities. The
support range around 1.1597-1576 could trigger a reversal under specific conditions. A
response at this level is needed to sustain the medium-term uptrend. Although the higher time frame presents a more straightforward picture amidst a false breakdown of the local minimum, were not opting for complex solutions.
Multiple scenarios are at play, so lets not make any forecasts for now. Have a pleasant weekend and thorough analysis.
The
market will likely establish a betting schedule until Wednesday evening, indicating a possible flat market. However,
directional price manipulation is also possible, followed by a reversal. Which scenario unfolds will become more apparent at the market opening.
Current main scenarios suggest a flat market or a bounce upwards, given the pairs critical resistance level and the lower boundary of the ascending channel. A
new peak is necessary for healthy technical movement, preferably initiated from above, although a downward bias has emerged. The
worst scenario involves pushing beneath the rate, causing uncertainty in the market direction.
Recent market activity hints at a potential reversal, notably with the completion of a monthly cycle to the upper zone and a technical correction to the 61.8% Fibonacci level.
H1 and H4 charts suggest that the initial pullback is awaiting upwards. 
