Weekly Forex Price Action Outlook | Apr. 7th - 12th

engulfing bar price action $eur euro chris capre 2ndskiesforex.com

Last week in my FX market commentary, I opined how the Euro was in a short term bull trend being well underpinned, and that a daily close above the 20ema would reverse my medium term bearish bias. The bullish uptrend continued from the bullish engulfing bar, and the pair broke above the 20ema on the daily chart, following that up the next day with over 100 pip gain, bouncing right off the 20ema and launching higher.

Short term, the momentum is up, but I still hold a medium term bearish bias as I think this rally will hit a wall and will find more sellers waiting above. The first two key levels I’ll look to rejoin the medium term …

... Keep reading