EUR/USD's rise resumed last week and reached as high as 1.0999 last week. Further rise would be seen to 1.1058 projection level. But we maintain that rise from 1.0339 is a corrective move. Hence, we'd expect strong resistance around 1.1058 to limit upside to bring near term reversal.
Initial bias in EUR/USD remains on the upside this week. Current rally would be seen to 100% projection of 1.0339 to 1.0828 from 1.0569 at 1.1058. At this point, rise from 1.0339 is still seen as a corrective move. Hence we'd expect strong resistance from 1.1058 projection to limit upside and bring near term reversal. On the downside, break of 1.0874 support will turn bias back to the downside for 1.0569 support first.
Initial bias in EUR/USD remains on the upside this week. Current rally would be seen to 100% projection of 1.0339 to 1.0828 from 1.0569 at 1.1058. At this point, rise from 1.0339 is still seen as a corrective move. Hence we'd expect strong resistance from 1.1058 projection to limit upside and bring near term reversal. On the downside, break of 1.0874 support will turn bias back to the downside for 1.0569 support first.
