$EURUSD – Bullish engulfing week following a weekly hammer. This really puts the market into a more balanced picture on the weekly chart, as had already happened on the daily following Thursday’s close above the converged 21-, 55- and 100-dmas, and the interim high from 14th July. What does still stand out when looking through the monthly charts however (76.4 retraces against multi-year highs, monthly oscillators and valuation) is that a sustained uptrend from here is unlikely. Bottom line, further messy range trading is the clear warning. On the daily chart pivots to watch are 1.4454-1.4459 (converged downtrend from the May highs and ABC equality from the 12th July low) and 1.4311-1.4282 where the 100-, 55- and 21-dmas, and the interim high from 14th July are converged.
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