- EUR/USD is trading near 1.1810 in Asia with signs of indecision on the weekly chart.
- The previous week’s low of 1.1696 is the level to defend for the bulls.
EUR/USD is trading well within the previous week’s price range for the fifth straight day.
The currency pair created a Doji candle last week after hitting 26-month highs above 1.1910. The Doji candle indicates that neither buyers nor sellers controlled the price action.
So, with the pair consolidating within the Doji candle’s range this week, it seems safe to say that the market has turned indecisive. As such, the immediate bullish outlook stands neutralized.
A break above the Doji candle’s high of 1.1916 would imply a resumption of the uptrend and open the doors for a potential rally beyond the 1.20 mark.
Alternatively, acceptance under the Doji candle’s low of 1.1696 would confirm the bullish-to-bearish trend change. At press time, the pair is trading near 1.1810, representing a 0.235 gain on a weekly basis.
Weekly chart
Trend: Neutral
Technical levels
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