Outlook on EURUSD: Pullback presents a buy opportunity

12 Tem 2021

We maintain our bullish bias on EURUSD, as prices are holding well above a key weekly support zone, in line with the ascending trend line and 78.6% retracement. On the H4 time frame, prices broke the short term resistance trend line and a pullback in prices to the support zone at 1.18200, in line with the 78.6% retracement presents a buy opportunity. Keeping in mind the weekly time frame echoes a more bullish view, a break above the H4 resistance zone at 1.19200, in line with the -27% and 61.8% retracement could see prices push higher, with our next resistance target at 1.19800.