As I mentioned in my article published on May 6th on my blog " DXY, EURUSD. WTI CORRELATION " , I predicted EURUSD to reach 1.10-1.12 levels.
EUR/USD resumed higher in the past week to gain 2.5% which was the largest weekly advance since February 2016. The pair pushed to seven-month highs despite last week’s bearish engulfing weekly print and has advanced in five out of the past six weeks for an accumulative gain of 5.8%
The EUR/USD daily and weekly charts shows strong upside momentum. Considering aggressive euro long positioning over the past two COT reports, there is little reason to expect a bearish turn in the week ahead, from a technical perspective.
Lookin at the weekly EURUSD Chart :
There is a strong resistance at 1.1299 . Before 1.1299 , there is 1.12400 Fibo resistance as well. EURUSD price closed @1.12070 50% Fibo retracement as a resistance.
EURUSD Daily Chart :
Price closed above BB upper channel . This gives me a signal of a correction to 1.1167.
We can see the same levels of resistance 1.12400 and 1.1299 on EURUSD dail chart combined with Murrey Math Lines.
EURUSD H4 CHART :
Posiible pullback levels are 1.1169 and 1.1120 for the beginiing of the week.
EURUSD H1 CHART :
1.1180 is the first pullback level. Then 1.1169 and in case of strong retracement move FIBO 61.80 is 1.11200.
We are in a LONG position allready and to add additional LONG is not logical with this risk reward ratio.
I will wait for pullbacks and use them as a buy opportunity.
Break out of 1.1299 will confirm the 1.14500 .
I will share the intraday trading ideas on my blog .
Good Luck.
EUR/USD resumed higher in the past week to gain 2.5% which was the largest weekly advance since February 2016. The pair pushed to seven-month highs despite last week’s bearish engulfing weekly print and has advanced in five out of the past six weeks for an accumulative gain of 5.8%
The EUR/USD daily and weekly charts shows strong upside momentum. Considering aggressive euro long positioning over the past two COT reports, there is little reason to expect a bearish turn in the week ahead, from a technical perspective.
Lookin at the weekly EURUSD Chart :
There is a strong resistance at 1.1299 . Before 1.1299 , there is 1.12400 Fibo resistance as well. EURUSD price closed @1.12070 50% Fibo retracement as a resistance.
EURUSD Daily Chart :
Price closed above BB upper channel . This gives me a signal of a correction to 1.1167.
We can see the same levels of resistance 1.12400 and 1.1299 on EURUSD dail chart combined with Murrey Math Lines.
EURUSD H4 CHART :
Posiible pullback levels are 1.1169 and 1.1120 for the beginiing of the week.
EURUSD H1 CHART :
1.1180 is the first pullback level. Then 1.1169 and in case of strong retracement move FIBO 61.80 is 1.11200.
We are in a LONG position allready and to add additional LONG is not logical with this risk reward ratio.
I will wait for pullbacks and use them as a buy opportunity.
Break out of 1.1299 will confirm the 1.14500 .
I will share the intraday trading ideas on my blog .
Good Luck.