Price is still trapped within this highlighted range of 450PIPs. Over the last 3 weeks we’ve attempted to continue the bearish pressure however price again finds difficulty breaking through the 1.1300 support region.
Last week we started the week with a push below the 1.1300 level to only complete a bearish fib setup on lower timeframes, which in turn provided some relief and reason for the Euro to make an impulsive move back above.
The moving averages on the weekly timeframe are still crossed to the downside and acting as resistance, however taking a close look at the smaller timeframes such as the daily and hourly the MA’s are getting ready to crossover to the upside, which could signal a continuation in Euro buying pressure this week.
We anticipate prices to push higher into the 1.1450 monthly key level where we expecting some reaction to form.