EURUSD is poised to move higher this week, results of recent elections in Greece. Initial election results points to pro-bailout, pro-euro-zone government. This increases the possibility of Greece to stay in the Euro zone.
Let’s look at EURUSD weekly chart:
EURUSD moved strongly below the support line few weeks ago, but last week it rallied back and closed above the 1.2600-20 area. This week we may see a re-test of this area and then an upward rally towards the Trendline above.
Daily chart also shows rising Trendline which can come into play when the pair moves down to retest the support area on the weekly chart.
Greece elections along with G20 meeting, this week is loaded with fundamental news. Keep an eye on the events as they come through.
Forex Trading Signal : Look for opportunities to go long until if the price comes to retest the support area on weekly chart and rising trendline on daily chart.