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EURUSD at new weekly highs

EURUSD bulls have managed this week to defend 1.18 and they are back stronger pushing price above 1.19. On a weekly basis EURUSD is at new closing highs as price is about to end the week higher than the previous higher close back in August.

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EURUSD at new weekly highs

Green line - support

Red line resistance

EURUSD has made a double bottom at 1.16 and is making higher highs and higher lows since then. Support is found at the green trend line at 1.1740, but any move below this week's low at 1.18 would be a topping sign and something bulls would like to avoid. Our short-term target for EURUSD is found at 1.22 in order to complete the entire upward wave from March lows at 1.06.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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