Bulls have reached a crucial level of possible weekly resistance as EURUSD stands at 1.09426.
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- EUR/USD bulls move into a key area of potential weekly resistance.
EUR/USD moved to a five-week high on Thursday on the back of the European Central Bank increasing rates for the eighth straight time and signalled further tightening to bring eurozone inflation to its medium-term target of 2%.
At 3.5%, rates are the highest in 22 years and the ECB’s inflation projection for this year was raised to 5.1% from 4.6%. Consequently, the price has moved into what could be regarded as a resistance area from trendline support. The following illustrates, however, prospects of a move through 1.1000 and into the tops of where the weekly M-formation shorts were established in the lows 1.1100s:
A move lower from here, however, opens risk to the 1.0820s as follows:
The 1.0820s align with the 61.8% Fibonacci and prior resistance structure as illustrated above.
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