EUR/USD closed higher due to short covering on Friday as it consolidates above the 62% retracement level of the 2008-2009-rally crossing. The mid-range close sets the stage for a steady opening on Monday.

EURUSD Outlook

As you can see on h4 chart below, the EURUSD attempted to push higher on Friday after failed to break below 1.3450 area (potential nearest term bottom), slipped above the minor bearish channel indicating potential upside correction especially if price able to break above 1.3690 targeting 1.3750 - 1.3850 resistance area.

EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.3451 but closed higher at 1.3549. On h1 chart below we can see that price has slipped above the minor trendline resistance (yellow) indicating potential upside correction testing the upper line of the minor bullish channel.

EURUSD Outlook

The EURUSD attempted to push lower on Friday, bottomed at 1.3444 but whipsawed to the upside, closed higher at 1.3594 and keep moving higher around 1.3625 at the time I wrote this comment.

EUR/USD closed higher on Wednesday and the low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near.

EURUSD Outlook

The EURUSD had a significant bullish correction movement yesterday, topped at 1.3778 and closed at 1.3765. On h4 chart below we can see that my falling wedge formation has been violated to the upside confirming further bullish correction targeting 1.3850 before testing 1.4030 area.

EURUSD : EUR made a short term REVERSAL yesterday and might extend its move till 1.3850 and may be 1.40 levels. The bias remains slight bullish in near term though the long term bearish scenario remains intact. We still have potential bullish correction indicated by the falling wedge formation. Staying above 1.3750 would trigger bullishness for the pair. Only a move below 1.3650 would change the bias. (EURUSD - 1.3642) Short term Bullish.

EURO

The pair managed to touch the support line for the main descending channel, appearing through the image above, which continues its stance against continuous attempts of descending.

EURUSD

The euro reached a fresh low against the dollar last week - 50 points below earlier established multi-month low at 1.3585 on February 5. Although it found some bids, forming a temporary support and recovered 100 points of its recent losses - the recovery was short lived and downside pressure remains high as long as mid 1.37 to 1.38 will limit the upside.