EURUSD: Having closed strongly higher for a fourth week in a row, further bullish offensive is likely.
As long as it can trade and hold above the 1.3824 level, we look for the pair to strengthen further towards the 1.3914 level where a violation will turn attention to the 1.3950 level and then the 1.4000 level, its psycho level.
Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3824 level where a break will expose the 1.3772 level.
Further down, support lies at the 1.3685 level followed by the 1.3600 level and then the 1.3561 level. All in all, EUR remains biased to the upside on further recovery.
Guest post by FX Tech Strategy
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