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Let’s kick things off with EURUSD, a pair that ended the week in epic fashion. After a long descent of 3,500 pips, the most traded currency pair in the world appears to be finding its footing just above parity.
Although the bears were able to cap gains at the 1.1270 level, the pair looks ready to continue its push higher into next week.
One thing to note here is that we have yet to see a retest of 1.1035 after breaking out last Wednesday. This leaves us watching for bullish price action from this level in the week ahead.
While the Euro isn’t out of the woods by any stretch of the imagination, the pair is extremely overextended to the downside on the weekly and monthly time frames. This alone gives us reason to believe that something of a relief rally is in order.
Summary: Watch for bullish price action on a retest of 1.1035 as new support. Key resistance comes in at 1.1270 and 1.1530.
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source
Let’s kick things off with EURUSD, a pair that ended the week in epic fashion. After a long descent of 3,500 pips, the most traded currency pair in the world appears to be finding its footing just above parity.
Although the bears were able to cap gains at the 1.1270 level, the pair looks ready to continue its push higher into next week.
One thing to note here is that we have yet to see a retest of 1.1035 after breaking out last Wednesday. This leaves us watching for bullish price action from this level in the week ahead.
While the Euro isn’t out of the woods by any stretch of the imagination, the pair is extremely overextended to the downside on the weekly and monthly time frames. This alone gives us reason to believe that something of a relief rally is in order.
Summary: Watch for bullish price action on a retest of 1.1035 as new support. Key resistance comes in at 1.1270 and 1.1530.
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source
