EURUSD Next Week Outlook

By Lawrence

Classic structural move again after breakout of the high made in last week of Sep.

Notice that right after the 50% expansion to the upside, a retracement has started.

For next week, a retest of that 50% expansion level is very likely (momentum bias) but not necessarily making new high as the spike high this week can be the start of a w. thrust topping formation. It has to be confirmed next week before we can tell if this EUR melt up is done.

The first retracement target will be the 50% level and open of this week. Next in line is a retest of Sep close.