EURUSD Week of Nov 22nd to 26th Outlook
Recap of last week
Monthly and quarterly structural price levels in play. Early in the week, EURUSD failed to hold above previous month low and slided to 2x downside expansion target of current month initiation range. Bounced back up to previous quarter high to close the week above midpoint.
Next week outlook
Failure to hold above previous quarter high (yellow zone) implies a move towards 50% downside expansion of this week (red zone) as the first target. Quarterly target is way lower thus any long signal should be taken with caution if in coming week EURUSD drops quickly below the red zone.
A less likely scenario is that yellow zone turns into a support area which means a test of this month’s open range low (green zone) is in play.