Recap on the forex major currencies technical analysis of the previous week. You will remember, that the majors made fantastic clear price movements level-by-level until Friday as you can see on the H4 timeframe screenshot below:
When the Jackson Hole Economic Policy Symposium, in Wyoming news, was released on Friday 23rd August 2024 by 3:00 pm. Forex majors and their like made a significant peak reset and continued the prevailing trend.
Week Ahead:
This week we have the majors in focus.
EUR/USD Technical Analysis Weekly Outlook
Thus, after a big rise or fall the market becomes choppy, after a big move of the price the market will need more guys.
EUR/USD has achieved level 1 in the market maker cycle after the peak reset in the uptrend on Friday.
It has now reached a new high of the week at the 1.12005 mark. We now expect the price to pull back into the Fibo 50 levels and the quarter's point area at 1.11499 to continue the uptrend, eyeing the high of the month.
We may likely have another peak reset coming short or a reversal when the price hits the high of the month at 1.12745.
The 50 and the 13 EMAs have also made a crossover signaling a continuation of the current trend. This shows a strong trend at the moment.
TDI Subgraph
Looking at the TDI Subgraph, the price line has broken above the upper volatility band. This is a result of the market volatility during the news on Friday.
The price line is currently at the overbought level of the relative strength index (RSI). We observe the market baseline (MBL) showing a confirmation of the price continuation.
Conclusion
Now it is your turn. We've talked about the market activities of the previous week. We've also talked about the current trend and what we are expecting from the market.
Did you trade profitably? What are your trading plans this week? Let us know.
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