Weekly outlook EURUSD

Hello Traders...

its been a while since we posted weekly outlooks on major pairs.... first of all welcome back after holidays & a very happy / profitable new year ahead...

Looking at EURUSD at Daily chart we notice that :

1. Price action is in triangle pattern ,
2. Price has been rejected from descending trendline & had broken below minor ascending trendline ,
3. Currently price is retesting the breakout in daily chart.

As we are in triangle pattern and mostly EURUSD remains in range we might see pair bouncing between trendlines untill breakout..

What to look for in EURUSD this week :

We suggest waiting for daily candle close today and see if price manages to move above & close below trendline , in case of close above trendline we may see bullish continuation towards previous highs... In case of bearish rejection candle formation we will be taking cautious bearish bias in EURUSD and will look for short trades towards ascending trendline of triangle pattern..

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