Can EUR/USD bulls keep pushing?
This week has seen a well needed and overdue pull back on the over extended bearish push to the downside on this pair. From the beginning of the week the bulls have come to town and taken control of this pair pushing price 100 PIPS to the upside to the 1.0900 handle from the lows of 1.0880 on Monday.
On this retracement the bulls have had plenty of room to play with as there has not been any real area of resistance until now where price has today hit the Daily resistance and 4 Hour resistance coming in at the 1.0890 level where price action is currently retracing as the bears attempt to step in.
The markets are volatile this week and we are seeing lots of movement due to fundamentals affecting both the FX , commodities and stock markets strongly.
Levels to watch...
A solid break above and retest of 1.0900 can see further upside for this pair with 1.0950 and then 1.1000 being the next short / medium term targets.
If price breaks and closes below the 1 Hour support of 1.0865 the bears may step back in and take this pair back to trend line support around the 1.0850 level and if this support should break, we could see another retest of the weekly lows of 1.0800.