EURUSD: Set To Extend Its Bullishness.
EURUSD: Having taken out its key resistance at the 1.3307 level to close the week higher, further upside offensive is envisaged. Further out, resistance resides at the 1.3350 level followed by the 1.3400 level. A cut through here will open the door for more upside towards the 13500 level. Conversely, support stands at the 1.3307 level where a reversal of roles as support is likely to occur and turn EUR back up. However, if this fails, further downside will follow towards the 1.3200 level followed by the 1.3000 level. Further down, support comes in at its trendline support and its 200 daily ema at 1.2944/21 levels. All in all, EUR continues to retain its broader medium term upside bias.
EURUSD: Rallies, Looks To Extend Further Upside
EURUSD: With a second week of upside seeing the pair breaking and holding above the 1.2822 level, further strength is likely to occur. The immediate resistance resides at the 1.3000 level where a violation will call for a run at the 1.3171 level. A breach of here will resume its broader uptrend towards the 1.3282 level. Its weekly RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, support lies at the 1.2822 level. Below here stands another support at the 1.2660 level with a cut through there calling for a run at the 1.2498 level where a break will aim at the 1.2400 level. All in all, EUR now faces further upside threats.
Note: This is an excerpt from The Professional Suite, our daily 7-currency research package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get the Full Package including 3 FREE Bonuses Now
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