Here’ my take on the EURUSD this week, from the technical perspective of a swing trader.
On the weekly time frame, two weeks ago, a long-upper tailed candlestick was formed at a horizontal resistance around the 1.14300 area. This was followed through last week with a bearish continuation. As thee is a technical range 1.15650/1.11800 (bound by horizontal magenta lines), we may see bears drive price action towards the support zone this week.
On the daily time frame, price action is consolidating in a descending wedge/triangle (black) and a break out below is likely to spur a bearish continuation. However, as thee has been a bottoming pattern around the wedge support recently, we may see a northward retracement early this week, before a bearish southward turnaround. I am bearish EURUSD.
I may be wrong. Trade safe and prosper.