EURUSD: reverses at key resistance but uptrend intact

Feb 21, 2018

The EURUSD moved higher last week as price rebounded following a decline to 1.2200 area the previous week. Notice the false break of key resistance up near 1.2520 that occurred last Friday, eurusd weakness could continue this week as this is a formidable resistance level having given rise to a pin bar reversal a few weeks back. However, eurusd uptrend is still intact and so we are continuing to view any downward pullbacks as potential buying opportunities near support. We will look to be a buyer at or near 1.2200 near-term support or possibly the 21 day ema (blue level) following a clear 4-hour or daily eurusd