Outlook on EURUSD: Bullish play seen

5 Jul 2021

Hi everyone! our call on XAUUSD last week played out nicely, for this week, we are seeing a bullish outlook for EURUSD. Prices are currently testing the weekly support zone in line with the ascending trend line and 78.6% retracement where we could see further upside here. On the H4 time frame, prices broke above the short term descending trend line where a pullback to in prices to the support zone at 1.18200 presents a buy opportunity. Keeping in mind the weekly time frame echoes a more bullish bias, with prices holding well above the ascending trend line, a break above the H4 resistance zone at 1.19200 could see prices push higher to the next resistance zone at 1.19800.