EURUSD: Long Term Outlook
What do you think about EURUSD movements in the last two days? Interesting aren’t they (and better if you were short). I was thinking about how the EURUSD weekly chart would look like, and here are my conclusions:
– It started to range at the long term support level, first it broke the shorter term range for the upside, triggering a bullish market condition, but then it came back to the range.
– Then it (strongly) broke through the important LT support level and it will probably continue in this way until it hits the next LT support level.
Now, remember we are talking about the weekly charts, and it could take the EURUSD a few weeks to get there. What we are sure though is that it is in a very clear bearish market condition in the 1W charts.