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EURUSD Weekly Outlook

We've finally seen EURUSD expand to a whole new range after a 2 month long consolidation in the 1.12000s to 1.13000s level.  After last week's bull run, our team expects price to retest the daily demand area to fuel it's goal of tapping into  supply's orderflow.  With all the upside movement last week, price is bound to be exhausted. With so, tapping into the closest key area would be ideal for it to launch further. 

Why do we think EURUSD is still bearish?

The higher timeframes are showing the narrative to the story.  Viewing it on the weekly chart, EURUSD has been printing lower highs and lower lows. This may be indicative that the price action we're seeing now is more likely price's impulsive leg to create a  Lower high. Fundamentally speaking, with USA's current inflation dilemma, this may prompt the Fed to raise interest rates creating a much stronger dollar.

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