Weekly EURUSD Analysis: Will the Bullish Trend Continue?
Since June 26, 2024, EURUSD has been moving within an expanding channel up pattern, signaling a strong bullish trend. The ABCD Fibonacci pattern has also formed, with a bullish target at 1.1321.
Currently, EURUSD is attempting to break through the key resistance level at 1.1201. If this resistance is successfully broken, the bullish target from the Fibonacci projection is expected to be reached this week.
However, if the 1.1201 resistance holds strong, EURUSD may correct down to the support level at 1.1090 and touch the support line of the expanding channel before continuing its bullish momentum.
Will EURUSD break through resistance or undergo a correction? Let’s keep an eye on the upcoming movements!
Currently, EURUSD is attempting to break through the key resistance level at 1.1201. If this resistance is successfully broken, the bullish target from the Fibonacci projection is expected to be reached this week.
However, if the 1.1201 resistance holds strong, EURUSD may correct down to the support level at 1.1090 and touch the support line of the expanding channel before continuing its bullish momentum.
Will EURUSD break through resistance or undergo a correction? Let’s keep an eye on the upcoming movements!
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