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EUR/USD Showing Bearish Weakness

EUR/USD Showing Bearish Weakness

The past week was definitely a successful week for the EUR/USD which came very close to the levels from the beginning of February. Being near maximums did not cause a bearish retracement itself, which can be a positive sign for buyers and indicate the willingness for further upswings. Buyers can also be optimistic about the fact that during recent days, the price was forming a bearish H&S which was finally denied, showing a bearish weakness. The closest support will be the black mid-term uptrend line, but breaking it should not cause any change in the positive sentiment. A positive scenario will be temporary denied once price manages to fall below the 1.3470 support which was a neckline of the mentioned H&S formation. Traditionally, the Monday calendar is almost empty. Markets should focus only on the existing home sales in the US.

EUR/USD Hourly Chart” title=”EUR/USD Hourly Chart” width=”856″ height=”403″ src=”https://d1-invdn-com.akamaized.net/content/picc6293ca4a7e24e9566cae186f3335caf.png” />

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