EURUSD bulls have been on a tear following the first round of the French elections on April 23rd. It’s been one of the more impressive rallies since the start of 2015.
However, buyers struggled last week to overcome the 1.1240 resistance area. In fact, the five days of price action carved a bearish rejection of sorts on the weekly time frame, albeit small in comparison to the previous week’s gain.
But I won’t presume that buyers are done just yet. The pair’s overextension to the upside does suggest a reversion to the mean is in order, but momentum still favors the bulls.
Keep in mind that Monday could be relatively quiet with the U.S. offline for its Memorial Day holiday. Then again, Mario Draghi does speak at 9 am EST, so anything is possible.
For the week ahead key resistance comes in at 1.1240 while support can be found at 1.1090. Note that there is also some intraday support at 1.1166.
Source: Daily Price Action
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