Direction Of EURUSD For Next Week

Overall trend of EURUSD is still down.

Confirmation of the downtrend depends on:

1. Whether it will breakout above the short term resistance of 1.3100.

2. Whether it will breakout above the 50 days moving average, which happens to be 1.3100 as well. 50 days moving average has been tested twice and failed (see chart below), so it is a good benchmark.

Traders might want to initiate a short position if EURUSD touches 1.3100 and fall, signals downtrend resumes.

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