Topic: Here’s the market outlook for this week
Dominant bias: Bearish
Price rallied 300 pips at the start of last week - testing the resistance line at 1.0850 before beginning a strong bearish move. The upside gains that were initially made last week were eventually lost as price plummeted to test and close just above the support line at 1.0550. The outlook is bearish for this week as EUR is expected to remain weak while USD gains strength. There is a real possibility of EUR reaching parity with USD in the foreseeable future.