Open trading account 
hello everyone ,,
After a year’s worth of losses, EURUSD has finally started to gain some bullish momentum since setting a multi-year low in March. But the real question everyone is asking is, how long will it last?
The answer to that question is anyone’s guess. All we can do is use the technical clues the market is giving us at the moment. The first clue is of course the bearish engulfing pattern that formed on May 22nd. As expected this pattern led to a retest of the 1.0850 level as new support.
The second clue is the March 26 high at 1.1050. This area has yet to be tested as new resistance which means the pair stands a good chance of seeing this level in the coming week.
All in all, however, the broader picture for EURUSD is one of consolidation at the moment. And given the potential for increased volatility due to the drama in Greece I prefer to stay on the daily time frame for the time being.
Summary: Wait for a retest of 1.1050 as new resistance and watch for bearish price action. Key support comes in at 1.0850. Any immediate downside potential would be negated on a daily close above the level. Alternatively, a daily close below 1.0850 would expose the next key support level at 1.0658.
===============
source
After a year’s worth of losses, EURUSD has finally started to gain some bullish momentum since setting a multi-year low in March. But the real question everyone is asking is, how long will it last?
The answer to that question is anyone’s guess. All we can do is use the technical clues the market is giving us at the moment. The first clue is of course the bearish engulfing pattern that formed on May 22nd. As expected this pattern led to a retest of the 1.0850 level as new support.
The second clue is the March 26 high at 1.1050. This area has yet to be tested as new resistance which means the pair stands a good chance of seeing this level in the coming week.
All in all, however, the broader picture for EURUSD is one of consolidation at the moment. And given the potential for increased volatility due to the drama in Greece I prefer to stay on the daily time frame for the time being.
Summary: Wait for a retest of 1.1050 as new resistance and watch for bearish price action. Key support comes in at 1.0850. Any immediate downside potential would be negated on a daily close above the level. Alternatively, a daily close below 1.0850 would expose the next key support level at 1.0658.
===============
source
