Although it was rejected towards the end of the week by the 50 and 200 lines (240 minutes), it managed to close above the daily 200 line, just below 1.12, perhaps providing a signal that it intends to continue higher (read more below)
With $DXY near (see linked idea and more info in this week's newsletter), if $EURUSD will climb back up above 1.12 (very close to), and will manage to overcome the 2 lines resistance, it could lead to a rally towards 1.14 to re-test and complete a pattern (see purple pattern).
The other scenario, is the one from last week, and it will be relevant if $EURUSD will decline towards 1.1.
1.1 is a major and also the completion zone of a
Based on $DXY setup and $EURUSD's price action, I think that the first scenario is more likely and that we will see $EURUSD near 1.14 by the end of the week. A close below 1.11 will violate this scenario.
$EURUSD>1.12 -> Could lead to 1.14
$EURUSD Could lead to 1.1
1.1 - Potential buy zone ( )
1.14 - Potential sell zone ( )
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