2 Likely Scenarios for EURUSD on Weekly

Currently trading above the 1.19 handle with some slight bullish momentum to the upside.
Should we break above Friday's high, I would expect further upside first towards 1.1955 and then if manage to clear above that expect the 1.2010 ish area to be the second level of resistance.

Upon reaching 1.2020, expect a likely bounce but be prepared for further upside if the momentum starts to increase in the days ahead. Failure to break above 1.20 will most likely add bearish momentum to the downside towards the ascending channel support and look out for a potential break below as market participants might start pricing in a head & shoulders formation which is widely known as a significant reversal.

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Trade Safe - Trade Well

Regards,
Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.

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