Weekly EURUSD analysis.

Last week was a roller coaster for EURUSD. Price started under pressure and fell as low as 1.1585. A strong upward move followed that pushed price above the triple top resistance area at 1.1670. Price reached 1.17 but bears took over and pushed price lower towards 1.1560 where we ended for the last week of October.

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Black lines - Fibonacci retracement

On a weekly basis price formed a bearish candlestick. Price made a new higher high at the beginning of the week but price closed even lower than the low of the previous week. Trend remains bearish as price is making lower lows and lower highs. Short-term trend will change if bulls manage to recapture 1.17. Otherwise there are increased chances of price breaking past the 50% retracement. and heading towards the 61.8% level.

The material has been provided by InstaForex Company - www.instaforex.com

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