Last week bears failed to continue the downward momentum and end up losing battle to bulls which push EURUSD 1.32. This week we are likely to see continuation of bullish sentiment though it may not last too long.
Let’s look at EURUSD weekly chart:
EURUSD failed to brake below the Trendline last week and pushed up higher. There is a narrowing range that’s taking shape on weekly chart. It almost looks like an ascending triangle in an overall bearish weekly chart. Keep an eye as price move closer to trendline above at around 1.3290-1.3300
Daily chart below shows another trendline that formed last week. This line once broken will pave the way for EURUSD to climb higher towards weekly Trendline at 1.33.
Most of the key economic indicators are due late in the week, hence we expect market to move slowly but pick momentum a bit later on in the week.
Forex Trading Signal : Look for opportunities to go long until 1.3300, once price gets there we can expect a small reversal. In case EURUSD moves lower then support at 1.3050 will come into play.