EURUSD (19th November to 23rd November)
As we had analyzed the pair last week, we expected a weak euro where we anticipated the pair to break below the neckline of the ‘Head shoulder shoulder pattern’ and a strong dollar but it turned out the downward pressure could not hold. The pair showed a strong rejection of the resistance level, which is turning into a new support level.
The euro retaliated with a strong comeback forming a weekly ‘engulfing candlestick pattern’.
Summary: Our bias for this week and the coming weeks will be to monitor and look for buy price action signals/patterns to go long on this pair, unless price action tells us otherwise.