Folks, for the week ahead I'm looking for a near- term bounce towards $1.0707 which now becomes a new resistance level
& retest for a corrective upswing towards the $1.0812 level, putting it inline with the upward loping trendline
. Failure to take out the initial $1.0707 resistance line, will see it retrace back to $1.0610 support level
, followed by a sharp spike down towards the next support line set at $1.0467 level. Algorithms are set to challenge long stops set anywhere in that area - fair warning. Again, look for price movements in other pairs, mainly USDJPY
for any hints. A strengthening USDJPY
will stimulate & encourage algos to stop hunt any long stops on EURUSD
positions. Initial support line set at $1.0610 with a void area towards $1.0466. Take out the popcorn bowl because it will get interesting.