Long if price can still above 1.1200
EUR/USD bulls keep the pace up, eye 1.1300.
+ Support level: 1.1245 1.1200 1.1165
+ Resistance: 1.1305 1.1360 1.1430
=> In the short term, buying will be a reasonable strategy if the price can still above the 1.1200 area and continue to buy if the price corrects to the 1.1250 area. The barrier of weekly resistance around 1.1305 - 1.1320 could be breached by buyers and headed to the next resistance areas 1.1360 and 1.1430.
=> The downside potential looks limited for the time being, though stronger declines can be expected on a break below 1.12 support towards 1.1165 target. Besides, in the long term, the EU's downtrend is still quite strong, so the resistance areas are still good price zones for the sellers.
+ Support level: 1.1245 1.1200 1.1165
+ Resistance: 1.1305 1.1360 1.1430
=> In the short term, buying will be a reasonable strategy if the price can still above the 1.1200 area and continue to buy if the price corrects to the 1.1250 area. The barrier of weekly resistance around 1.1305 - 1.1320 could be breached by buyers and headed to the next resistance areas 1.1360 and 1.1430.
=> The downside potential looks limited for the time being, though stronger declines can be expected on a break below 1.12 support towards 1.1165 target. Besides, in the long term, the EU's downtrend is still quite strong, so the resistance areas are still good price zones for the sellers.
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