Expecting EURUSD bullish breakout

FX:EURUSD   Euro / U.S. Dollar
130 0 2
An extract from the FxWire Pro Research & Analysis last Friday regarding this week's trading: "We expect ongoing range trading between 1.3570 and 1.3700."

There was a bullish signal few traders would have caught towards the trading close last week - which is indicated by the hammer on this 45 minute chart. Even if I ignore the FxWire Pro quote, the EUR/USD             pair undoubtedly looks very bullish and I'd bet that at least a partial gap fill, if not a full gap fill of the 1.361 - 1.365 candle is bound to happen soon.

On the technical side, last week closed with a hammer along with a Bollinger Band squeeze which is a good indicator of a brewing bullish breakout. It really wants to fill that gap above from the 3rd. There is some Ichimoku Cloud resistance above, but eventually the clouds will turn green as well and you should see EURUSD             above the cloud this week, gaining good support beneath. This price action could setup a rally towards 1.37.

News-wise, the strong US economic data should have run out of gas. But if you think about it, the recent news wasn't fully positive anyway if you consider the poor GDP outlook which of course contradicts the rest of the stats.

In summary, I am expecting EURUSD             to rally this week to fill the 1.361 - 1.365 gap and all bets are off if it falls below 1.35650.

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