EURUSD pushed further up after breaking the consolidation zone. It did not pull back much after all. The pair closed the week at 1.1250, after reaching 1.1370 the resistance I expected last week. Looking at the chart, I see that the correction might be forming now, or the continuation towards 1.14 will take place from the current levels.
This week’s price action will depend if EURUSD drops towards 1.1080 from the current levels.
I favour pull back towards at least 1.0960 before the new uptrend resumes, but for aggressive bulls, the current level of 1.1250 could be a good opportunity to enter more longs too.
Short term bears might enter @ 1.1250, after the correction to 1.1080 and pull back are in place (see screenshot).
I assume, the complete correction has a potential to print 1.0980, the former resistance – today’s support.
THE NEXT MAJOR RESISTANCE IS @ 1.14 and then 1.1670.
Bulls @ 1.1250 or 1.1080 or 1.0980
Bears @ 1.1250 (after the pullback)