Heading to re-test top of trading range

FX:EURUSD   Euro / U.S. Dollar
$EURUSD's price reaction to last Thursday's ECB meeting was really interesting.

It started with a sell off from 1.1 that was, at that moment, still a resistance zone . In a special pre-ECB letter to my members I wrote that 1.1 was our key zone and 1.085 is the nearest support to pay attention to and take profits at and indeed $EUERUSD reached 1.085 and turned higher from there during the ECB's press conference.

Eventually what we've got is a bullish False Break scenario ( EURUSD             spiked below the uptrend line and closed back above it) that may lead $EURUSD towards 1.14 and potentially towards 1.17 to complete a bearish AB=CD pattern (see chart)

As it looks right now, $EURUSD is heading to test the top of its weekly trading range – 1.14.
If $EURUSD will overcome this weekly resistance zone and will reach 1.17 to complete a bearish AB=CD pattern, it will mean that the weekly bottom $EURUSD has been forming since early 2015 was breached and that $EURUSD is finally on its way towards its longer term correction targets, way up above near 1.22 and 1.24

As per the short term options – 1.1 is now a support zone to try and buy $EURUSD towards 1.14
The support zone includes 3 SMA lines, a strong structure and the daily uptrend line.
The bears should wait for the price to reach 1.14 and will allow them to try and short this bearish weekly resistance zone .

Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters

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