EURUSD Week of Nov 29th to Dec 3rd Outlook
Recap of last week
First move was a gap up followed by breaking below the yellow zone with minimal retest (just one 4 hour bar). This is one the strongest signals implying the higher timeframes are in total control. Target red zone was tagged and broken thru on the 3rd try to close the week at the low. All is all a easy week to trade following STOPD.
Next week outlook
Higher timeframes (weekly, monthly and up) are dictating the moves. 1.31 (red zone) is the critical price level that euro must hold if a complete melt down is to be avoided. If it acts as support, the initial target would be above 1.34 (yellow zone). If 1.31 turns into resistance after being taken out early in the week, a flush down is expected.