The completion of the double top pattern failed to trigger sharp correction and consolidated between prior week top and bottom instead. This development actually strengthen its medium-term bullish outlook although a lower correction toward 61.8% retracement level is still normal in my opinion. Or in other words I believe that the Euro should find support above 1.2870 against the Dollar if the bull lose current ground above 38.2% retracement level at 1.3142. I am hoping that the pair will eventually reach 61.8% projection at 1.3369.
|EURUSD HOURLY CHART (PREVIOUS OUTLOOK).|
|EURUSD HOURLY CHART (CURRENT OUTLOOK).|
|EURUSD DAILY CHART - Medium-term outlook unchanged.|