EURUSD#11 Weekly Homework

After about 3 weeks of this and that travels, I am back and should pay more attention to the currency pairs again.

This might be an eventful week for Euro. With many important announcements to come, and also it's time to decide the monthly candle formation.

This month's candle formation is shaped by:

1. trend continuation from last month, but resistance found when Chikou bounced back by Kijun in the monthly chart.
2. down trend ever since.
3. slight rebound when supported by cloud in daily chart, and EMA200 and EMA50 in weekly chart.

My guess is Euro will be bullish for a couple of days, with immediate resistance at 1.3730 (4-hourly EMA200) to 1.3750 (4-hourly Chikou support). Another strong resistance is around 1.3865 (fbr 50 of recent downtrend. The pair might linger at that level if it does reach it.

However, if there's too much weakness for it to go up, immediate support at 1.3550 to 1.3590 (4-hourly Kijun). The next support, which might not be strong, at 1.3480, and another stronger one at 1.3381.

In a nutshell:

R3: 1.3910
R2: 1.3865 (fbr 50)
R1: 1.3730 (4-hourly EMA200) to 1.3750 (4-hourly Chikou support)

S1: 1.3550 to 1.3590 (4-hourly Kijun)
S2: 1.3480 (Chikou support)
S3: 1.3380 (daily EMA200, bottom of the cloud)


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