EURUSD technical
EURUSD bulls just capped off an impressive week.
I first mentioned this descending channel, which is also serving as a bull flag pattern on June 29th.
The July 6th close above resistance confirmed the breakout and exposed the 1.1350 resistance level.
That’s the area I mentioned last weekend.
As anticipated, EURUSD broke above 1.1350 last Tuesday, which opened the door to the channel’s inception point at 1.1420.
If EURUSD holds above 1.1420, we could see a quick run to 1.1500.
If it doesn’t, we will likely see more sideways movement above 1.1350.
I first mentioned this descending channel, which is also serving as a bull flag pattern on June 29th.
The July 6th close above resistance confirmed the breakout and exposed the 1.1350 resistance level.
That’s the area I mentioned last weekend.
As anticipated, EURUSD broke above 1.1350 last Tuesday, which opened the door to the channel’s inception point at 1.1420.
If EURUSD holds above 1.1420, we could see a quick run to 1.1500.
If it doesn’t, we will likely see more sideways movement above 1.1350.
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