themarketzone

About to test 1.1 again - Where to next?

FX:EURUSD   Euro / U.S. Dollar
Last Friday we saw most of the majors rally against the USD after $DXY             completed a bearish harmonic pattern and created a nice daily reversal candle (see linked idea below).
$EURUSD Friday's rally created a nice daily Outside bar with a daily bullish Pinbar pattern, but the price is still below the important 1.1 structure zone that now comes with additional resistance - The daily downtrend line.

If the price will rally above 1.1 and break out of the daily downtrend line it could continue higher towards the bearish Butterfly completion near 1.135 as part of the bullish Aggressive C entry that started near 1.085 (one of my last week's winners).

If 1.1 will continue to play its role as resistance, the bearish scenario that $EURUSD will complete the bullish pattern near 1.07 could be the next trading play.

This analysis is part of this week's Weekly Markets Analysis newsletters - http://goo.gl/AGTYS1

You can subscribe to my weekly newsletters here: http://goo.gl/HXjCPV
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