EURUSD weekly outlook
In a wyckoff-inspired perspective, price is attempting to breakout of an accumulation range from 2015. It found supply in the 1.22-1.25 area in 2018, which created a supply structure that was tested both in January '21 and May '21.
Since those rejections, price has been finding support in the upper part of the 2015 range. This looks like a Backing up action so far. For now, we observe how price acts in this new smaller trading range, between the supply structure above and the channel support below. A breakout and weekly close above the supply structure EQ at 1.235 would be a strong sign that price is headed higher. However, closing back below the channel support at 1.16 would force us to reevaluate.
Since those rejections, price has been finding support in the upper part of the 2015 range. This looks like a Backing up action so far. For now, we observe how price acts in this new smaller trading range, between the supply structure above and the channel support below. A breakout and weekly close above the supply structure EQ at 1.235 would be a strong sign that price is headed higher. However, closing back below the channel support at 1.16 would force us to reevaluate.
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