EURUSD broke upwards but too much upside is not expected as we have overbought stochastic and Bearish signs in the weekly chart for the pair. Everything seems clear on the chart if you observe it closely. Upside potential remains limited to 1.1450 as we have a strong Yearly resistance at that level. I would remain neutral and will look to sell the pair from more valid area mentioned in the chart. I am again warning bulls to exit their long positions at 1.1400 as the Bearish Dominance is on its way. Bearish move towards the upper cloud and why not lower cloud boundary is expected so Bulls should be very cautious now. Weekly close below the weekly cloud will be a very bearish sign and can push the pair towards 1.0200-1.0300.
Recommendations for long term traders: Enter SHORT at 1.14200 with stop loss above 1.15 and Target is 1.1000 initially.
Good Luck
Recommendations for long term traders: Enter SHORT at 1.14200 with stop loss above 1.15 and Target is 1.1000 initially.
Good Luck