The EURUSD had a significant bullish momentum this week. Started the week with strong bullish momentum that violated the bearish channel on Monday, price hit 1.3893 and closed at 1.3877 on Friday. As you can see on my daily chart below, price seems ready to test a key long term resistance/psychological level 1.4000 which is also the 61.8% Fibonacci retracement of 1.4530 – 1.3145. A clear break and daily close above 1.4000 could trigger further bullish scenario testing 1.4150, 1.4280 even 1.4530. On the downside, only a clear break and daily close back below 1.3670 area (38.2% Fibo) could be a threat to the current strong bullish phase, testing 1.3500 area, probably lower.
Have a great weekend and see you guys next week.
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