EURUSD trended higher again last week but lost some momentum in the final hours.
This entire second leg materialized in early July following the close above a bull flag pattern.
I also announced to my members that I was long EURUSD back when the pair was trading below 1.1600.
That long position from 1.1600 remains open today.
Despite Friday’s pullback, I think the highlight of last week’s move was the July close above 1.1650.
That’s the top of the multi-year wedge pattern.
July marks the first monthly close beyond that structure.
If you missed this latest rally, though, it might be best to wait for a pullback.
I think EURUSD has become a bit overextended, and if the 1.17780 support area fails, we could see a retest of 1.1650.
That 1.1650 region is a must-hold region for buyers.
Key resistance comes in at 1.1900, followed by 1.2090.
I hold a long position in EURUSD.
This entire second leg materialized in early July following the close above a bull flag pattern.
I also announced to my members that I was long EURUSD back when the pair was trading below 1.1600.
That long position from 1.1600 remains open today.
Despite Friday’s pullback, I think the highlight of last week’s move was the July close above 1.1650.
That’s the top of the multi-year wedge pattern.
July marks the first monthly close beyond that structure.
If you missed this latest rally, though, it might be best to wait for a pullback.
I think EURUSD has become a bit overextended, and if the 1.17780 support area fails, we could see a retest of 1.1650.
That 1.1650 region is a must-hold region for buyers.
Key resistance comes in at 1.1900, followed by 1.2090.
I hold a long position in EURUSD.