I find myself reflecting on another turbulent trading week for the EURUSD currency pair, and I must admit that the price action was particularly dramatic. I observed the pair being fiercely contested between bulls and bears, yet I noticed a crucial detail that stands out to me. Unlike the British pound, I saw that the price failed to fall below the 50 Fibonacci level. I also watched as it could not break through the significant support level of 1.1846. I do not recall a single definitive touch of that level, except perhaps once before, which I consider highly significant. From my perspective, this technical resilience suggests to me that buyers are seriously contemplating a sustained push higher in this pair. I believe the situation with the dollar is now becoming clear to me, and I expect only weakness from it going forward. I cannot foresee anything more robust from the greenback in the current climate
As I look ahead to the coming trading week, I have decided to pay much closer attention to statistical data emanating from the United States. I am aware that these figures often create market manipulation and, more importantly for my trading, they have the power to abruptly change the price direction. In this current situation, I am particularly eager to see the price consolidate by breaking through the resistance level at 1.1889. I am convinced that a firm consolidation above this level would confirm my bullish bias. I would then expect to see growth, at least towards the 25th figure, which I have repeatedly noted as a target due to the underlying weakness I anticipate from the dollar. I wish everyone the very best of luck in their trading endeavors this week. I must also add that I can see a noticeable imbalance building to the upside, particularly near the resistance level of 1.1898. I mention this observation specifically for those traders who, unlike me, might still be targeting a decline; I feel they should be aware of this developing technical picture.
