EUR/USD Showing Bearish Weakness
Admirals | Oct 21, 2013 06:56AM ET
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.
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