#EURUSD @ 1.06810 bulls press up against key resistance and eye higher.
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- EUR/USD bulls press up against key resistance and eye higher.
- The Euro is eyeing a move through 1.0700.
As per the prior analysis, EUR/USD soars as US CPI comes in below expectations, the Euro is reaching key resistance as shown above but is leaving a W-formation in its tracks. This is a reversion pattern whereby bulls would be expected to move in at a discount from the neckline should there be a testest thereof.
1.0700 is a key level where a measured move of -0.272% of the potential correction’s range to support meets the prior mid-summer resistance looking left. We have 1.0790 thereafter as the next level.
The above chart marks 1.0600 as a key support area and 1.0520s below it as being the CPI take-off point.
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