The EURUSD strengthened significantly this week, gaining ground for the last 5 days in a row. We can see this market broke up from an inside bar setup that formed just above key 1.2875 support on Monday and then moved higher into today’s New York close. The market pushed up and tested key resistance near 1.3170, closing the day slightly below that key level. Next week, this key resistance will be important, if the market continues higher from current levels and closes above 1.3172 on Monday, it will be a very bullish sign and will essentially put an end to the range-bound conditions we’ve seen in this market for a while now. If the market rotates lower from current levels we will keep a close eye on support levels for price action buy signals to join the fresh bullish momentum in this market.
Forex Trading Commentary by Nial Fuller
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