The EURUSD was indecisive this week. Price attempted to push lower, bottomed at 1.3025 on Wednesday but closed higher at 1.3158 on Friday. As you can see on my h4 chart below price has been moving sideways between the 23.6% – 38.2% Fibonacci retracement of 1.4246 – 1.2625. This ranging market occurs after price slipped above the 200-4 hour-EMA suggests the bullish phase since bounced from 1.2625 remains intact but need a clear breakout above the 38.2% resistance area (around 1.3230/40) to continue the bullish phase testing the 50% retracement level (around 1.3435). On the other hand, clear break back below the 200-4 hour-EMA and the 23.6% level (around 1.3000) could stop the current bullish phase.
Have a great weekend and see you guys next week.
©2012 . All Rights Reserved.