Probably heading towards 1.14 with 1.1 as strong support now
Now that $EURUSD finally climbed and closed above 1.1 it is safer to say that it is probably heading towards 1.14 to complete to harmonic trading patterns - Bearish Butterfly and bearish Bat.
As long as the price remains above 1.11, which is the 50 SMA line level, the price could continue rallying towards 1.14 without any major interference. 1.12 is the only resistance zone standing between the current price level and 1.135-1.14 (the PRZ)
If the price will drop below 1.11, it will test the strength of the 1.1 support zone that should be strong enough to send $EURUSD higher, perhaps to complete the bearish patterns.
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As long as the price remains above 1.11, which is the 50 SMA line level, the price could continue rallying towards 1.14 without any major interference. 1.12 is the only resistance zone standing between the current price level and 1.135-1.14 (the PRZ)
If the price will drop below 1.11, it will test the strength of the 1.1 support zone that should be strong enough to send $EURUSD higher, perhaps to complete the bearish patterns.
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews - goo.gl/jwBPQe
To subscribe to the newsletters - goo.gl/HXjCPV
