Week ahead – EURUSD

At the moment EURUSD is in a neutral territory and as long as it stays above 2880's I do not consider the long term trend bearish. Although we have broken the descending trendline from 3707 highs we are still far away from saying that EURUSD is in a bullish state again.

In the upcoming week it is important to watch the reaction around supply and demand zones. These zones are the ones with highest possible reversal. I am expecting retracement back to 3007 – 3020 and then move back to the 3080 – 3100. If we break and hold above 3100, the next major stop would be at 3160's.

Have a great trading week.

lechiffre.