EURUSD fell further as expected last week but found strong support and rebounded off from 1.195 demand zone.
However, we also saw a break below of a 9-month rising trendline in the daily time frame which could cause further downside in the future, but yet so in the weekly time frame.
The direction of the market seems quite unclear and what's most likely to happen is that market will range.
Based on the strong rebound last Friday as well as the completion of 2 bearish trends, EURUSD could climb further this week and retest the supply zone at 1.22.
Otherwise, the price might just resume falling once it touches the current falling trendline and retest the demand zone at 1.195.
However, we also saw a break below of a 9-month rising trendline in the daily time frame which could cause further downside in the future, but yet so in the weekly time frame.
The direction of the market seems quite unclear and what's most likely to happen is that market will range.
Based on the strong rebound last Friday as well as the completion of 2 bearish trends, EURUSD could climb further this week and retest the supply zone at 1.22.
Otherwise, the price might just resume falling once it touches the current falling trendline and retest the demand zone at 1.195.
