EUR/USD rallied again on Friday, fighting its way back to close above 1.3900. The positive close, capped the sixth consecutive Bullish week for the cross. This has occurred only three times since the Global Financial crisis hit the markets in 2008 and the first, since August, 2010.
Not having seen 1.3900 for a couple of years, EUR/USD has settled into consolidation, crossing the psychological level multiple times. Pivots remain Bullish and higher time frames continue to make higher hi’s and lo’s. Bias is therefore Bullish but there has still been no re-test of 1.3815/long term Resistance Trendline #1, since they were broken eleven days ago.
The Day Ahead
It’s Monday so I’m not expecting too much action – perhaps a good opportunity for the counter trend re-test of 1.3815??
Magic Monday all.