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:
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:
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.
Otherwise, it’s back down to 1.18.