- EUR/USD is consolidating break above strong trendline resistance at 1.1685.
- The pair is on track to close higher for the 3rd straight week. Finds stiff resistance at 21W SMA at 1.1735.
- Price action is extending choppy trade below 110-EMA which is stiff resistance at 1.1747.
- Momentum studies are bullish, but stochs at overbought levels raise need for caution.
- There are no major signs of reversal, but minor pullbacks cannot be ruled out.
- The near term support is around 1.1639 (55-EMA) and any break below targets 1.1589 (21-EMA)/ 1.1508 (June 21 low).
- On the higher side, major resistance is around 1.1747 (110-EMA) and any violation above targets 1.1800/1.1855.
Recommendation: Watch out for break above 110-EMA to go long.
