EUR/USD Weekly Outlook

EUR/USD edged higher to 1.1960 last week but turned into sideway trading since then. Initial bias remains neutral this week first. As long as 1.1712 support holds, another rally is in favor. Above 1.1960 will target 1.2091 high first. Break will extend the medium term up trend from 1.0339 to 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494, which is close to 1.2516 long term fibonacci level. On the downside, break of 1.1712 will indicate completion of the rise from 1.1553 and turn near term outlook bearish.

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Posted in Forex Market.

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