EURUSD: Off We Pop!

This week saw an almost 2% pop in EURUSD.

Price action was so bullish that they front-ran 1.16163.

It was on the cards, but I didn’t expect it so soon.

They’ve now come up to a level of monthly resistance at 1.19361:

EURUSD 1-Month Resistance
EURUSD 1-Month Resistance

Long-term and in the higher time frames, I expect them to eventually push higher. But if you buy now you could have a sweaty few days.

So What Next For EURUSD?

As always, timing is everything. And to get a precise entry you’ll need to dive into the lower time frames.

Having said that, I’d like to start on the weekly:

EURUSD 1-Week Bear Trend
EURUSD 1-Week Bear Trend

Reasons for some downward pressure on price action today are:

– They just tagged a monthly level of significance at 1.19361.

– The weekly candle is painting and bears will want to reject the 1.18 area.

Reasons for some upward movement are:

– The higher time frames (12M/6M/3M) are bullish AF.

So they could have one more leg lower before continuing higher, or just smash through now.

If we’re pushing higher today, I want to see 1.18836 hold.

EURUSD 1-Hour Support
EURUSD 1-Hour Chart

Otherwise, it’s back down to 1.18.

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