Technical Analysis Detail

EURUSD Weekly Technical Analysis: Euro Setting Up For A Bounce

by DAVID SONG,

Elliott Wave, Technical Analysis

Oct 20, 2017

The outlook for last week started with the bottom line stated as such: “Shorts look set to have the upperhand as a fresh month gets underway as long as the euro remains capped by resistance. On weakness, we’ll be watching how the euro responds to a drop into support levels.” Indeed, we saw weakness for much of the week, but looking ahead to next week the script is poised to flip. The euro didn’t push deep into the 11664/16 support zone we were watching, but it did traverse close enough to call it a test – especially when looking at the lowest closing value from August which was at 11723. The low of last week clocked in at 11669 just after the release of the U.S. jobs report. Friday ended with a small bullish key reversal-day.

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