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EUR/USD is heading towards 1.341

The EUR/USD has been in strong bullish mood in the past week with the market decisively above 1.33 (61.8% Fibonacci retracement from January highs to July lows) this morning. A series of hammer formations on the daily chart and the opening gap from last night are suggesting that there could be further advances ahead. At 1.3361 at the time of writing, next target for the bulls to watch sits at 1.341. That is a key resistance level as it has been tested twice in the summer. A break above that area would open the door to the dizzy highs above 1.35, not seen since the beginning of the year. Only a consistent break below key support at 1.333 could change the outlook in the market and allow for a test of 1.323 (50% Fibonacci retracement).

Dafni Serdari
Market Analyst
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