EURUSD: With the pair reversing its four-day weakness and threatening further upside momentum, the risk is for EUR to recapture its key resistance. This is coming on the back of a strong rally during Friday trading session, opening the door for more upside towards the 1.2748 level . Above here will annul its downside threats and pave the way for a move further higher towards the 1.2824 level with a cut through here targeting the 1.2902 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for the pair to return below the 1.2407 level. This should push it further lower towards the 1.2286 level. Below here will resume its broader medium term weakness and call for a run at the 1.2149 level. EUR may turn higher on testing this level but if that breaks, further declines could shape up towards the 1.2100 level. All in all, EUR remains biased to the upside on further recovery.

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