FX.co ★ Weekly view on EURUSD

EURUSD has captured the 1.22 level and continues to make higher highs and higher lows. On a weekly basis price has broken above key trend line resistance and we could see price extend towards 1.27 over the coming weeks.

Red downward sloping trend line - weekly resistance

EURUSD has broken above the trend line resistance and is heading towards the 100% extension Fibonacci target at 1.2740. Trend is clearly bullish and price is following similar pattern to the upside move it did back in 2016-2018 from 1.05 to 1.25. Currently it is not wise to go against such a weekly breakout, but look for opportunity pull backs to re-enter long.