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EUR/USD: Bulls Fight To Defend The Lower Wick Of The Weekly Candle

EUR/USD: Bulls Fight To Defend The Lower Wick Of The Weekly Candle

EUR/USD was taking the beating for almost four days in the last week. During the last day of trading, investors found out the most important data released monthly—the Non-farm Payroll. The data came worse than expected which caused weakening in the American dollar. The bullish movement near the mid-term minimums, allowed the price to draw a long lower wick on the weekly candle, which may possibly be viewed as a signal ending the bearish correction.

EUR/USD” title=”EUR/USD” width=”1166″ height=”505″ />As we can see, the bullish correction started and ended exactly on the Fibonacci levels, 50 and 38.2, respectively. Currently, 38.2 will be the closest resistance, and breaking this line should prove the buy signal triggered after the NFP release. Of course, in the long-term we are still in the bearish trend. Trend will be switched once price manages to come back above 1.3225.Furthermore, the positive short-term sentiment will be denied once price manages to come back below the 1.3135, which is considered as a short-term support just above the mid-term lows on the 50% Fibonacci level.

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