EURUSD , as expected, declined from the highs at above 1.13 and closed the week at 1.1130. It seems that EURUSD is approaching anticipated support at the current levels. As indicated last week, I expect this market to have another leg up from here. We could see a bit more downside towards 1.10 before the up move resumes. Daily stochs look like there could be some potential for 1.14 once again.
For bears, the price needs to come down much lower (1.07) before short positions can be considered. Perhaps 1.10 is in play first.
On a shorter time frame, EURUSD has lots of momentum. I would expect the price to drop for another bit before it will give us a good entry point for long trade.
I don’t see any logical setup. Bears in positions now should keep it until 1.10.
THE NEXT MAJOR RESISTANCE IS @ 1.14 and then 1.1670.
THE NEXT MAJOR SUPPORT IS @ 1.10
Bulls @ 1.1130 or deeper at 1.10
Bears @ 1.07 or below