themarketzone

Still inside weekly resistance zone - Two scenarios to monitor

FX:EURUSD   Euro Fx/U.S. Dollar
$EURUSD opened the new trading week below 1.14-1.15.
With the price below its weekly trading range's top, we have a potential for a short term bearish pullback towards either the uptrend line (see chart) or the 1.11 structure zone which is just above the 200 days MA that turned flat following sharp decline.
The longer term analysis suggests that $EURUSD should reach higher but perhaps it need another re-test of support levels before its next major bullish move.

Bearish scenario - Pullback towards 1.12 and 1.11

Bullish scenario - In case of a breakout and a close above 1.15, $EURUSD will probably continue towards next sell zone - Harmonic sell zone - 1.17-1.18 (completion of bearish AB=CD and Butterfly patterns)

Tomer, The MarketZone (@themarketzone)
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- http://goo.gl/fZScTn
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