EURUSD – Bullish, But Obstacles Ahead
Gaining 4 of 5 days last week, the Euro continues to hold the downside in check as the last weeks buying spree took out 12+ trading days of losses. The medium term price action structure is bullish, but the pair has obstacles ahead, with the yearly highs around 1.3950, and the big figure at 1.4000 looming above (along with option barriers).
I’ll look to sell into this resistance zone until I get a daily close above 1.4000 with tight stops above. Downside targets are 1.3850 and 1.3700. A daily close above the big figure opens up a lot of fresh upside, with 1.41 and 1.42 on deck.
GBPUSD – Sellers Hold Yearly Highs