Weekly Price Action & Technical Analysis Outlook | Aug 25-30
EURUSD – False Break, But Still Supported
After forming a false break last week popping above the key 1.3400 figure and then closing below, the pair found support at the daily 20ema, although this rejection is a bit meeker than the previous three. Bulls are going to have a tough time convincing new players to come in on a break considering how close price is sitting below the 20ema.
Bearish players can look for intra-day price action sell signals just below 1.3450, while bulls can considering small longs on corrective pullbacks towards 1.3320. Any sustained daily close below the 20ema and we’ll likely see some unwinding of longs, targeting a sell-off towards 1.3200.
GBPJPY – Pullback Forms Pin Bar
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