EUR/USD, bears remain in control all the way to 1.1700!
Let’s take a look at the weekly EUR/USD chart once again. In this analysis you can see why the bears are still strong here and why only above the 1.1700 we could expect for the bulls to take over. Is it possible to see this breakout in 2016.? Well, anything is possible in forex as you know and all we can do is to wait for the huge market players to decide, whether they want stronger euro or not? You all know that the ECB and Mr.Draghi don’t like that and it’s very possible that they have indirectly hold this level true the 2015 and the same pressure could continue in 2016 as well.
You can see also that the buyers are trying to break this resistance in May 2016 again, after fail attempt from August 2015. In the last week, the buyers have manage to reach 1.1615 high, but the sellers have took over and returned the price down to 1.1360/400. Now the bulls are taking over again and wee will see how serious they are. Weekly MA100 is placed at 1.1616 at this moment and that must be broken as well on the way up. In my point of view, that could be really tough job for the bulls. If they fail, can we see onother try to attack and to break 1.0500? In my point of view yes, as I have pointed here, we could easily see the 3rd attack in 2016. Lower level are tough for expect, but the brake is possible if the sellers reach the major support for the 3rd time.