Description
⋅ Following a strong rebound from a 15-month low, EURUSD continued to climb last week and found constant support at 1.1620 before the market closes.
Apart from the demand level, the price is also climbing within a rising channel and is moving towards the top of a falling wedge.
As such, we expect EURUSD to continue its recovery this week and will be looking to buy at the beginning of the week.
However, we do expect a probable fake-out and will also aim to buy at 1.1610 area.