Description
⋅ The EURUSD confirmed what appears to be a false break this week.
I mentioned last weekend how the close below 1.2000 could be a false break given the strong uptrend since last year.
Sure enough, EURUSD closed back above 1.2000 this week.
Then, on Friday, the euro tested a key trend line from the May 2020 low.
So far, that area is holding as support.
As long as the EURUSD holds above the 1.2000 area on a daily closing basis, I favor higher prices.
Just keep in mind that 1.2160 will play a role as resistance if the pair does try to move back to 1.2330 next week.
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