Upward pressure is being pumped at the area of upper Bollinger band (112.58). In case of success, bulls will get space for further growth towards 114.30. But we have to note quite weak ADX, that may tell about absence of breaking potential from buyers.
Bullish swing broke the high 1.1733 last week, but faced the stiff resistance area 1.1790-1.1851, that is hard to pierce without downward pullback. Therefore, the main expectation from upcoming week is correction towards the 1.1619 area as preparation for further euro recovery in mid-term direction 1.2000.
Market approaches the resistance level 112.59 (upper Bollinger band), from where a downward bounce is expected - ADX resides in a weak area, at the same time continuing its decline, that tells about absence of trending potential in the upward movement (and, correspondingly, low probability of strong level break).
Market is still bracketed in the range of the last short swing (1.1532-1.1717) so far. Perhaps, this tendency will be continued. However, we have to note, that bulls have better chances - bar of the previous week covered the fortnight range, almost having broken the swing’s high. Thus, we have to consider resistance 1.1717 as a key zone - in case of break, the major will recover towards 1.1850 and, perhaps, higher.