Weekly bias remains bearish. List of indicators applied on the 4 hours time-frame used for analysis includes:
Moving Averages 21 and 55 = Sell
Parabolic S.A.R = Sell
R.S.I = Sell
MACD = Sell
SSRC(customized stochastic) = Sell
Weekly Central Pivot Point Bias = Bearish
Candlestick formed from previous week = Bearish ( confirmation of a break and close below 1.1096 support)
The pair’s down trend recommenced last week and declined to as low as 1.0838 so far. Initial bias remains on the downside this week and current fall should now target next fibonacci level at 1.0283. On the upside, above 1.0986 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited below 1.1378 resistance and bring fall resumption. However the market looks over-sold and selling the rips might be a good option.
In the week ahead, markets will be watching talks on Greece by euro zone finance ministers in Brussels on Monday, while Thursday’s U.S. retail sales report will also be closely watched for further indications on the strength of the recovery.