The EURUSD continued its bullish momentum last week, broke above the weekly resistance 1.3716, and printed support at the 1.3476 levels. This development leaves the pair targeting the 1.3810/1.3892 levels where a breach is likely, If seen, the pair will extend gains to the 1.4280 levels, further out will aim the 1.4400 levels.
On the downside, a failure to hold gains above the 1.3810 levels, could mean a return to the 1.3560/1.3475 levels, a halt is strongly suggested, but losing the 1.3476 levels on a weekly basis will confirm topping and reverse risks towards the 1.3300 ahead of 1.3100 levels.
In all, as long as support 1.3476 holds on a weekly closing basis, sooner or later, the EURUSD will recapture the 1.3810/1.4280 levels, losing the 1.3476 levels will reverse risks towards the 1.3300/1.3100 levels.
Note: stability – consolidation above 1.3810 – will bring sudden rise above the 1.3892 levels while stability below the 1.3810 levels may bring decline towards the 1.3600 levels before the next rise…