The EURUSD continued its bullish momentum this week after a strong and clear break above 1.4340 resistance (38.2% Fibonacci retracement of 1.4939 – 1.3968), topped at 1.4641 and closed at 1.4632. A very disappointing US NFP number on Friday created a broad negative sentiment for the US Dollar and helped Euro significantly stronger. On weekly chart below we can see two convincing bullish candles in the last two weeks after the bearish pullback from 1.4939 rejected to move below 1.4000 psychological support area which is the bottom at this phase. If there is no big fundamental surprise, I believe the single currency is ready to continue its major/weekly bullish scenario retesting 1.4939 even 1.5143 in weeks ahead. Weekly CCI rejected to move below zero line and almost cross the 100 level up suggests the major bullish scenario since the bullish movement from 1.1875 remains strong. Immediate support at 1.4500 – 1.4450. A clear break below that area could stop the current strong bullish outlook testing 1.4340.
Have a great weekend and see you guys next week.
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