Expansion of the euro’s structure to the upside continues, however if this expansion goes inside a wide “megaphone”, then we can see a steep decline from any serious resistance. Such barriers could be the 1.1350 and 1.1400 marks.
But so far everything speaks for growth continuation.
Local upward structure forms a trending swing, therefore a threat of break of the closest high (1.1347) is very high. Thus bulls will have a big temptation (and a chance) to test the psychological level 1.1400.
Main scenario: Growth in direction 1.1400.
Alternative scenario: Weakening of growth at the 1.1350 level and steep reversal.
Longs towards 1.1400.
Seeking for local short-signals at the 1.1350 and 1.1400 levels.