EURUSD’s upside capped by Friday’s highs

31 May 2021 | Updated: 23 July 2021

Key Support: 1.2180
Key Resistance: 1.22 – 1.2235 – 1.2260

The EURUSD dipped last Friday’s on some very bullish USD momentum pre NY open to test the long term bullish structure and the previous week’s lows.

The USD remains very much fundamentally under pressure and last Friday the DXY faked out of a massive resistance zone and printed a big daily rejection candle closing the week back inside the mid term bearish structure.

We are looking for further bullish momentum here but in order for our setup to be valid we need price to break Friday’s highs. Should this scenario play out we could be looking at a retest of last week’s highs around the 1.2260 level.

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