Euro dropped last week, but wasn't a very huge drop. It's enough to form a black candle engulfing the previous week's body though.
On the weekly chart, price failed to break above EMA50, also means Chikou couldn't break above Kijun. Price was being supported by Kijun around 1.3185, which will continue to be the immediate support. Another stronger support observed on the weekly chart is still 1.3000. As for resistance, EMA50 (currently at 1.3420) is the immediate resistance, followed by EMA200 & Kumo flat around 1.3350. Basically, support resistance levels are similar to those mentioned last week, only the sentiment turned to be even slightly (not too much) more bearish.
On the daily chart, EMA200 successfully bounced price off it, and out of the Kumo, a sign of bearishness. Price is now moving in a flag / channel. It won't be surprise if price might rebound to as high as 1.3380 again, or even 1.3480 (EMA50, Kumo flat bottom). However, 1.3550 will be a strong resistance. Daily Tenkan (around 1.3185) proven to be a support, which coincides Chikou's attempt to pierce through the thin Kumo. For the time being, Chikou has rebounded after touching the bottom of the thin Kumo. Once broken 1.3183, a strong bear run might continue, though 1.3000 will be another support
On the 4-hourly Chart, 1.3185 is the immediate support, successfully supported the price last week. However, with a bullish cloud ahead, it might be a decision time, to break above 1.3300 and aim for 1.3550, or go below 1.3185 and test 1.3000.
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